IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC TUESDAY, THE 11TH MARCH 2008 / 21ST PHALGUNA 1929 WP(C).No. 8084 of 2008(K) ------------------------- PETITIONER: ------------ 1. I. RASULDEEN, THUNDATHIL KIZHAKETHIL, KANNAMKODE, ADOOR. 2. JAFFARKHAN E., THUNDATHIL KIZHAKETHIL, KANNAMKODE, ADOOR. 3. MINI JAFFARKHAN, W/O. JAFFARKHAN, THUNDATHIL KIZHAKETHIL, KANNAMKODE, ADOOR. 4. FATHUMMAL BEEVI, THUNDATHIL KIZHAKETHIL, KANNAMKODE, ADOOR. BY ADV. SRI.D.KISHORE SMT.MEERA GOPINATH RESPONDENTS: ------------- 1. STATE BANK OF TRAVANCORE, HEAD OFFICE, THIRUVANANTHAPURAM, REPRESENTED BY ITS GENERAL MANAGER. 2. THE CHIEF MANAGER (AUTHORISED OFFICER), STATE BANK OF TRAVANCORE, ADOOR, PATHANAMTHITTA DT BY ADV. SRI.SATHISH NINAN SRI.SANTHOSH MATHEW THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 11/03/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. ------------------------------------ W.P.(C) 8084 of 2008 ------------------------------------- Dated: MARCH 11, 2008 JUDGMENT In this writ petition, petitioners are facing proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. It is stated that the proceedings have reached the stage of taking possession on the strength of an order passed under sec.14 of the Act. Petitioners submit that towards discharging of the liability, they have so far paid Rs.57 lakhs and is seeking an instalment facility to pay the balance amount. 2. Learned counsel appearing for the respondent bank strongly opposes the prayer made by the petitioners. According to him, on a compromise entered into between the bank and the petitioners, the petitioners were given all opportunities to liquidate the liability and as they have not done so, the bank is entitled to continue the action taken against them. 3. As already noticed, towards the liability the petitioners have already paid Rs.57 lakhs and therefore with the payment so WP(C) 8084/08 Page numbers made by them, in my view, the petitioners have proved their bona fides. Now, ignoring the payment so made, I do not propose to deny instalment facility sought for by the petitioners as otherwise they will be evicted from their properties and the bank will resort to distress sale. 4. In view of the above, I direct that the petitioners will be permitted to pay the entire amount due to the bank in six equal monthly instalments. The first instalment will be paid in the 1st week of April, 2008 and the subsequent instalments will be payable in the first week of every succeeding month. Subject to payment as above, the coercive action taken against the petitioners will stand deferred . I make it clear that in case default is committed in paying any one of the instalments, the bank will be free to continue the action it has already taken. Writ petition is disposed of as above. ANTONY DOMINIC, JUDGE mt/-