IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 2ND SEPTEMBER 2008 / 11TH BHADRA 1930 WP(C).No. 26505 of 2008(E) -------------------------- CMP.3589/2008 of C.J.M.,KOTTAYAM .................... PETITIONERS: --------------- 1. C.K. SHINY, SALIKUMAR.V.P, VADAKKATHU HOUSE, NATTAKOM.P.O, NATTAKOM VILLAGE, KOTTAYAM TALUK, KOTTAYAM. 2. SALIKUMAR.V.P. VADAKKATHU HOUSE, NATTAKOM.P.O, NATTAKAM VILLAGE, KOTTAYAM TALUK, KOTTAYAM. BY ADV. SRI.JAISON PALIYIL SRI.PRASUN.S RESPONDENT: ---------------- STATE BANK OF TRAVANCORE, CIVIL STATION BRANCH, KOTTAYAM, KOTTAYAM DISTRICT, KERALA. BY SRI. R.S. KALKURA THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/09/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. SIRI JAGAN, J. ------------------------------------ W.P.(C)No. 26505 OF 2008 ---------------------------------------- Dated this the 2nd day of September, 2008 JUDGMENT The petitioners challenge proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, initiated by the respondent for coercive recovery of loan amounts due from the petitioners to the bank. However, they do not dispute the liability to pay or the quantum. They only seek time to pay off the amounts in instalments. 2. This is opposed by the learned Standing Counsel for the Bank. However, taking a lenient view, I dispose of this writ petition with the following directions: The petitioners shall pay 1/3rd of the amounts due within one month from today. The balance amount shall be paid in four equal monthly instalments starting from 1.11.2008. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioners pay the initial amount and the instalments in time without default, further proceedings W.P.(c)No.26505/08 2 under the Act shall be kept in abeyance. However, if the petitioners commit default in payment of either the initial amount or any of the subsequent instalments, it would be open to the respondent to continue proceedings as now initiated without having to issue any fresh notice of proceedings in that regard. S. SIRI JAGAN, JUDGE Acd W.P.(c)No.26505/08 3