IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 7TH JULY 2008 / 16TH ASHADHA 1930 WP(C).No. 18711 of 2008(W) -------------------------- CMP.1652/2008 of C.J.M.,TRIVANDRUM .................... PETITIONER: ------------ 1. MOIDEEN KANNU, S/O. MOHAMMED ABDUL KHADER, AGED 52, FATHIMA MANZIL, HARBOUR ROAD, VIZHINJAM, THIRUVANANTHAPURAM. 2. A.RAZIYA BEEVI, FATHIMA MANZIL, HARBOUR ROAD, VIZHINJAM, THIRUVANANTHAPURAM. BY ADV. SRI.V.K.MOHAMMED YOUSUF SMT.SHAMEENA SALAHUDHEEN RESPONDENTS: ------------- 1. THE MANAGER, STATE BANK OF TRAVANCORE VIZHINJAM BRANCH THIRUVANANTHAPURAM 2. THE AUTHORISED OFFICER STATE BANK OF TRAVANCORE (CHIEF MANAGER,(ADVANCES) REGION II, ZONAL OFFICE, THIRUVANANTHAPURAM 3. A.G.M. STATE BANK OF TRAVANCORE THIRUVANANTHAPURAM BY SHRI.R.S.KALKURA, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 07/07/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J. ================== W.P.(C).No.18711 of 2008 ================== Dated this the 7th day of July, 2008 J U D G M E N T The petitioners are defaulters in repayment of loan amount due from them to the respondents. The 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 petitioners do not dispute the liability to pay or the quantum. They only want the facility to pay the amount in instalments. The petitioners point out that the petitioners have already paid an amount of Rs.1.5 lakhs as directed by this court in the order dated 23.6.2008. 2. The prayer of the petitioners is opposed by the standing counsel for the Bank. He would submit that sufficient opportunity has already been granted to the petitioners for payment of the amount and only when the bank was certain that the petitioners are not going to pay the amount, they were forced to initiate proceedings under the Act. 3. Having considered the arguments on both sides, I feel w.p.c.18711/08 2 that the respondents can show some leniency to the petitioners in the matter of payment of the balance amount due in instalments. Accordingly, this writ petition is disposed of as follows: The petitioners shall pay the balance amount due from them to the respondents in six 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 petitioners pay the instalments in time, coercive proceedings shall be kept in abeyance. However, if the petitioners commit default in payment of 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. The counsel for the petitioners submits that the petitioners have already paid an amount of Rs.90,000/-. If the petitioners have actually paid such an amount, that also would be duly credited to the petitioners' account. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge w.p.c.18711/08 3