IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 13TH FEBRUARY 2009 / 24TH MAGHA 1930 WP(C).No. 4817 of 2009(W) ------------------------- PETITIONER(S): --------------- A.T. CHERIAN, S/O. CHERIAN, AGED 56 YEARS, KUZHIKUMBIL VEEDU, KUTTADI.P.O, ANAKKARA, IDUKKI DISTRICT. BY ADV. SRI.JOHNSON MANAYANI SRI.BENHUR JOSEPH MANAYANI RESPONDENT(S): --------------- 1. THE CHIEF MANAGER, ADVANCE, STATE BANK OF TRAVANCORE, REGION-V, ZONAL OFFICE, ERNAKULAM. 2. STATE BANK OF TRAVANCORE, KUMILI BRANCH, REP. BY ITS MANAGER. 3. SRI. PAUL ITTICHAN, LOTUS VALLEY, MURIKKADI.P.O, IDUKI DISTRICT. G.P. SHRI.K.C.SANTHOSH KUMAR, ADV.K.S.DILIP, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 13/02/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J. ================== W.P(C).No.4817 of 2009 ================== Dated this the 13th day of February, 2009 J U D G M E N T The petitioner is aggrieved by the proceedings initiated by respondents 1 and 2 under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, for recovery of the loan amount due from the petitioner to the 2nd respondent-Bank. The petitioner does not dispute the liability or the quantum. All what he wants now is facility to pay the balance amount due in instalments. 2. The learned Standing Counsel appearing for the Bank opposes the claim of the petitioner. 3. Having heard both sides, I feel that a lenient attitude can be taken in the matter of giving some more time to the petitioner for repayment of the balance amount in instalments. Accordingly, this writ petition is disposed of with the following directions: The petitioner shall pay an amount of Rs.75,000/- within one month from today. The balance amount due shall be paid in five equal monthly instalments starting from 16.4.2009. Every subsequent instalment shall be paid on the first working day after 15th of every succeeding month. If the petitioner pays the initial amount and the instalments in time, further proceedings for recovery of the amounts w.p.c.4817/09 2 would be kept in abeyance. However, if the petitioner commits default in payment of either Rs.75,000/- or any of the instalments in time, it would be open to respondents 1 and 2 to continue the proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. The 1st respondent shall consider Ext.P2 application submitted by the petitioner for the benefit under One Time Settlement Scheme and pass orders thereon, if a scheme is currently in force. If the 1st respondent allows the claim of the petitioner, suitable adjustment shall be made in the amounts due. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge