IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 17TH JUNE 2008 / 27TH JYAISHTA 1930 WP(C).No. 18067 of 2008(A) -------------------------- PETITIONER: ------------ K.RAMACHANDRAN, S/O.KANNAN, KOLLOTH HOUSE, MADAPPALLY COLLEGE P.O., VADAKARA, KOZHIKODE DIST. BY ADV. SRI.KRISHNADAS P. NAIR RESPONDENTS: ------------- 1. SOUTH MALABAR GRAMIN BANK, REP. BY ITS MANAGER, NADAPURAM ROAD BRANCH, NADAPURAM ROAD P.O. 2. THE GENERAL MANAGER, SOUTH MALABAR GRAMIN BANK, HEAD OFFICE MALAPPURAM, MALAPPURAM P.O. BY SHRI.T.R.RAVI THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17/06/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J. ================== W.P.(C).No. 18067 of 2008 ================== Dated this the 17th day of June, 2008 J U D G M E N T The petitioner is a defaulter in repayment of loan amount due from him to the respondent bank. Respondents have initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, for coercive recovery, which is under challenge in this writ petition. The petitioner does not dispute the liability to pay or the quantum. He only seeks some time to pay off the amount. 2. This is opposed by the standing counsel for the Bank. He would submit that after taking loan, the petitioner has not even remitted one instalment of repayment. 3. After hearing both sides, I feel that a lenient attitude can be taken in the matter to enable the petitioner to pay off the amount in instalments on conditions. Accordingly, this writ petition is disposed of as follows: The petitioner shall pay 1/3 (one-third) of the balance amount due within one month from today. The balance amount w.p.c.18067/08 2 shall be paid in four equal monthly instalments starting from 1.8.2008. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the initial amount and the instalments in time, coercive proceedings shall be kept in abeyance. However, if the petitioner commits default in payment of the initial amount or any of the instalments, it would be open to the respondents to continue the proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge