IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 28TH MAY 2008 / 7TH JYAISHTA 1930 WP(C).No. 15848 of 2008(J) --------------------------------- PETITIONER: ---------------- 1. K.SHYLASREE, VADAKKETHALACKAL, GOVINDAMATTOM P.O., KAYAMKULAM. 2. T.B.NATARAJAN, VADAKKETHALACKAL, GOVINDAMATTOM P.O., KAYAMKULAM. BY ADV. SRI.D.KISHORE RESPONDENTS: ------------------ 1. STATE BANK OF TRAVANCORE REPRESENTED BY ITS CHIEF MANAGER, OACHIRA BRANCH, P.B.NO.1, OACHIRA P.O., KOLLAM 690526. 2. THE CHIEF MANAGER (AUTHORISED OFFICER) STATE BANK OF TRAVANCORE, OACHIRA BRANCH, P.B.NO.1, OACHIRA P.O., KOLLAM 690526. BY SRI. R.S. KALKURA THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 28/05/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. SIRI JAGAN, J. ------------------------------------ W.P.(C)No.15848 OF 2008 ---------------------------------------- Dated this the 28th day of May, 2008 JUDGMENT The petitioners are defaulters in payment of loan amounts due to the 1st respondent bank. The respondents have initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for realisation of the loan amounts. The petitioners are challenging those proceedings. However, the petitioners do not now dispute the liability to pay or the quantum. They only want facility to pay the amounts in instalments. This is opposed by the learned Standing Counsel for the respondents. He would submit that the petitioner was given sufficient opportunity and only when the bank was sure that the petitioners would not pay the amounts, they have decided to proceed under the Act. 2. After having heard both sides, I feel that a lenient attitude can be taken to enable the petitioners to pay off the amounts in instalments. Accordingly, the writ petition is disposed of with the following directions. W.P.(c)No.15848/08 2 The petitioners shall pay an amount of Rs.5 lakhs within five weeks from today. The balance outstanding amounts due shall be paid in six equal monthly instalments starting from 1.8.2008. Every subsequent instalment shall be paid on the 1st working day of every succeeding month. If the petitioners pay the amounts as directed above promptly without default, further coercive proceedings shall be kept in abeyance. However, if the petitioners commit default in payment of either Rs.5 lakhs or any of the instalments as directed above on the due date, it would be open to the respondents to continue proceedings as now initiated without having to issue any notice or proceedings in that regard. S. SIRI JAGAN, JUDGE Acd W.P.(c)No.15848/08 3