IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 4TH SEPTEMBER 2008 / 13TH BHADRA 1930 WP(C).No. 26771 of 2008(K) -------------------------- PETITIONER: ------------ M.RAVEENDRAN, AGED 50, S/O.KUMARAN, MUDAKAYIL HOUSE, THEYYANGAD, P.O.PONNANI, MALAPPURAM DISTRICT. BY ADV. SRI.K.K.MOHAMED RAVUF RESPONDENTS: ------------------ 1. THE SOUTH MALABAR GRAMIN BANK, H.O.MALAPPURAM REPRESENTED BY THE GENERAL MANAGER. 2. BRANCH MANAGER, SOUTH MALABAR GRAMIN BANK, C.V.JUNCTION, P.O.PONNANI, MALAPPURAM DIST. BY SRI. T.R. RAVI -SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04/09/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. SIRI JAGAN, J. ------------------------------------ W.P.(C)No.26771 OF 2008 ---------------------------------------- Dated this the 4th day of September, 2008 JUDGMENT The petitioner is challenging proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, initiated by the respondents for coercive recovery of loan amounts due in respect of a loan, for which the petitioner was a guarantor. However, the petitioner does not dispute the liability to pay or the quantum. He only seeks time to pay the amounts in instalments. 2. I have heard the learned Standing Counsel for the respondents also, who opposes the same. According to him, neither the borrower nor the guarantor cared to pay any amount for quite some time and in spite of the repeated demands, there was no response. 3. Having heard both sides, I feel that the petitioner being a guarantor, some leniency can be shown to him in the matter of payment of the amounts in instalments. Accordingly, the writ petition is disposed of with the following directions: W.P.(c)No.26771/08 2 The petitioner shall pay an amount of Rs.40,000/- (Rupees forty thousand only) by 15.10.2008. The balance amount shall be paid in six equal monthly instalments starting from 1.12.2008. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the initial amount of Rs.40,000/- and the instalments in time without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of either the Rs.40,000/- or any of the subsequent instalments, it would be open to the respondents to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. S. SIRI JAGAN, JUDGE Acd W.P.(c)No.26771/08 3