IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 29TH JULY 2008 / 7TH SRAVANA 1930 WP(C).No. 15713 of 2008(U) -------------------------- PETITIONER: ------------ ASHOK KUNHIKULLAYA.U. S/O.LATE U.P.KUNHIKULLAYA, A/506, SHIVA SURABI APARTMENTS, JIVALPADA, KANDIVLI EAST, MUMBAI 400101. BY ADV. SRI.K.SHRIHARI RAO RESPONDENT: ------------- THE AUTHORISED OFFICER, KARNATAKA BANK LTD, REGIONAL OFFICE, MANGALORE-575002 D.K.DISTRICT, KARNATAKA STATE BY ADV. SRI.P.B.SURESH KUMAR FOR R1 THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 29/07/2008, THE COURT ON THE SAME DAY, DELIVERED THE FOLLOWING: PETITIONER'S EXHIBITS: W.P.C.NO. 15713/2008. --------------------------------------------------------------------- EXT.P1 TRUE COPY OF LETTER DT. 29-7-2006. EXT.P2 LETTER DT. 25-5-2006. EXT.P3 LETTERDT. 4-4-2007. EXT.P4 NOTICE DT. 27-9-2007. EXT.P5 NOTICE DT. 11-4-2008. EXT.P6 LETTER DT. 5-12-2006. [TRUE COPY] P.S TO JUDGE. S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W. P (C) No. 15713 of 2008 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 29th July, 2008. J U D G M E N T The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 initiated by the respondent for recovery of loan amounts due from the petitioner to the Karnataka Bank Ltd. However, the petitioner does not now dispute the liability to pay or the quantum. The petitioner only seeks permission to pay off the amounts in instalments. 2. This is opposed by the standing counsel for the Bank. However, taking a lenient view, I feel that the petitioner can be permitted to pay off the amounts in instalments. Accordingly, the writ petition is disposed of with the following directions: The petitioner shall pay an amount of Rs. 3 lakhs within one month from today. The balance amount shall be paid in six equal monthly instalments starting from the first working day of October, 2008. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays Rs. 3 laks and the instalments on the due dates, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of either Rs. 3 lakhs or any of the subsequent instalments, the respondent is free to take proceedings as now initiated, without having to issue any fresh notice or proceedings . Sd/- S. Siri Jagan, Judge. Tds/