IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC TUESDAY, THE 1ST JANUARY 2008 / 11TH POUSHA 1929 W.P(C).No. 38317 of 2007(J) ---------------------------------- PETITIONERS: ---------------- 1. SHAHUL HAMEED, VATTAVILA SHAMEER MANZIL, VIZHINJAM POST, THIRUVANANTHAPURAM. 2. NAZEEMA BEEVI, -DO- -DO- BY ADV. SRI.B.KRISHNA MANI RESPONDENTS: ----------------- 1. THE MANAGER, STATE BANK OF TRAVANCORE, VIZHINJAM BRANCH, THIRUVANANTHAPURAM. 2. A.SHARAFUDEEN, VATTAVILA PUTHEN VEEDU, VIZHINJAM, THIRUVANANTHAPURAM. BY ADV. SHAJI VARGHESE, SC FOR SBT THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01/01/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. = = = = = = = = = = = = = = = = W.P.(C) No. 38317 OF 2007 J = = = = = = = = = = = = = = = = Dated this the 1st January, 2008 J U D G M E N T The petitioners, who are guarantors to a loan availed of by the 2nd respondent, are facing proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. It is stated that as at present the Commissioner appointed by the Chief Judicial Magistrate Court which passed order under Section 14 of the Act has issued Ext. P4 notice informing the petitioners that they will be evicted from the mortgaged property on 2.1.2008. While the petitioners are not disputing the liability which according to the counsel for the Bank is about Rs.6.54 lakhs, all that is sought for in this writ petition is an instalment facility for discharging the liability. 2. Although the request now made at the last minute is strongly opposed by the counsel for the 1st respondent Bank, I am still inclined to direct that if the petitioners pay the amount due to W.P.(C) No. 38317 OF 2007 -2- the Bank in instalments, the coercive action that that is now proposed against the petitioners should be deferred for the reason that the petitioners are only guarantors and only seeking an instalment facility. 3. Accordingly, I dispose of this writ petition directing that the petitioners shall deposit an amount of Rs.1.5 lakhs before 2 p.m. on 2.1.2008 in which case, further proceedings in pursuance to the order under Section 14 passed by the CJM Court shall be deferred. On receipt of Rs.1.5 lakhs as directed above, within one week thereafter, the 1st respondent Bank shall furnish to the petitioners an upto-date statement of accounts. Thereafter, the balance amount that is due, shall be paid off by the petitioners in three equal monthly instalments payable in the 1st week of February, March and April, 2008. Subject to the payment as above, further proceedings against the petitioners will be deferred and in case the petitioners commit any default in paying the instalments as above, the Bank will be free to continue the action without further notice. ANTONY DOMINIC JUDGE jan/-