IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC TUESDAY, THE 18TH MARCH 2008 / 28TH PHALGUNA 1929 W.P(C).No. 4130 of 2008(N) --------------------------------- PETITIONERS: --------------- 1. SHAJEEV.R.S., KUNNUMPURATHU VEEDU, THEKKUMKARA, NEDUMANGAD, THIRUVANANTHAPURAM. 2. VASUDEVAN KISHORE, AMBADI EAST BUNGLOW, NEDUMANGAD P.O. BY ADV. SRI.B.PREMOD RESPONDENTS: ----------------- 1. CHIEF MANAGER, (AUTHORISED OFFICER), STATE BANK OF INDIA, SARC, ZONAL OFFICE, THIRUVANANTHAPURAM. 2. GENERAL MANAGER, STATE BANK OF INDIA, SIB BRANCH, THIRUVANANTHAPURAM, O.C.S.C BUILDING, NEAR A.K.G. CENTRE. BY ADV. SRI.K.K.CHANDRAN PILLAI, SC, HDFC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/03/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. =============== W.P.(C) NO. 4130 OF 2008 N ==================== Dated this the 18th day of March, 2008 J U D G M E N T The challenge in this writ petition is against the proceedings initiated by the Bank under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act. The only request that is now pressed before me is one for an instalment facility to discharge the liability. Petitioners offer that a substantial payment will be made before 31.3.2008. 2. Taking into account the submissions made by the counsel for the petitioners and also the learned standing counsel for the Bank, this writ petition is disposed of as follows: 1) That before 31/3/2008, the petitioners shall pay an amount of Rs.20 lakhs with the respondent Bank and subject to such payment further proceedings will stand deferred. 2) It is directed that the balance shall be paid by the petitioners in four equal monthly instalments, which will be payable on the 30th of every succeeding month starting from April, 2008. 3) It is directed that in case the petitioners commit default, the Bank will be free to continue the action that it has already initiated. WPC 4130/08 :2 : 3. Counsel for the petitioners submit that the petitioners are pursuing a claim for One Time Settlement Scheme. I direct that any such request shall be independently considered by the Bank if it is so made. Writ petition is disposed of as above. ANTONY DOMINIC,JUDGE. Rp