IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 16TH JUNE 2008 / 26TH JYAISHTA 1930 WP(C).No. 33039 of 2007(G) -------------------------- PETITIONER: ------------ JOSEPH MATHEW, PROP. MALABAR AGENCIES, C.H.CROSS ROAD, EAST NADAKKAVE, KOZHIKODE. BY ADV. SRI.JACOB SEBASTIAN RESPONDENTS: ------------- 1. THE ADDITIONAL DISTRICT MAGISTRATE, KOZHIKODE. 2. THE KARUR VYSYA BANK LTD., 11/128, PRAMOD BUILDING, CHERUTTY ROAD, KOZHIKODE. BY ADV. SRI.P.S.GEORGE FOR R2 GOVT. PLEADER SHRI.I.V.PRAMOD THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 16/06/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J. ================== W.P.(C).No.33039 of 2007 ================== Dated this the 16th 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 2nd respondent bank. The 2nd respondent has 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 2nd respondent. He would submit that this is a long pending loan and the petitioner has not paid any amount even after granting sufficient opportunity to pay off the amounts. 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 an amount of Rs.2 lakhs within one w.p.c.33039/07 2 month from today. The balance amount 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