IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 25TH JULY 2008 / 3RD SRAVANA 1930 WP(C).No. 22446 of 2008(V) -------------------------- PETITIONER: ---------------- KRISHNARAJ , S/O.KRISHNAN K.N., AGED 53 YEARS, "RAJEEVAN" TALAP, KANNUR BY ADV. SRI.M.RAMESH CHANDER RESPONDENTS: ------------------- 1. THE INDIAN BANK KANNUR BRANCH REPRESENTED BY ITS BRANCH MANAGER, KANNUR 670 001 2. THE CHIEF MANAGER AUTHORISED OFFICER, INDIAN BANK FORT ROAD,KANNUR 670 001 3. SHYBIND.P.M., S/O.RAGHAVAN (LATE) "SHEENAS" P.O.CHIRAKKAL, KANNUR 670 001 BY SRI. T.K. AJIT KUMAR -SC INDIAN BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25/07/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. SIRI JAGAN, J. ------------------------------------ W.P.(C)No.22446 OF 2008 ---------------------------------------- Dated this the 25th day of July, 2008 JUDGMENT The petitioner, who is a guarantor for loan amounts taken by the 3rd respondent from the 1st respondent bank, is challenging proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by respondents 1 and 2 against him for coercive recovery of the loan amounts due. Although the petitioner would challenge sale of the principal debtor’s property from which some amount had been realized on the ground that if the sale had been conducted properly more amounts could have been realised, the petitioner now confines his prayer for a direction to respondents 1 and 2 to permit the petitioner to pay the balance amount due in instalments. 2. This is stoutly opposed by the learned Standing Counsel for the bank. He would submit that all possible indulgence had been shown to the petitioner by the bank itself and the petitioner is not entitled to any further indulgence in the matter. W.P.(c)No.22446/08 2 3. However, taking into account the fact that the petitioner is only a guarantor, I feel that some more leniency can be shown to the petitioner to enable him to pay the balance amounts due in instalments. Accordingly the writ petition is disposed of with the following directions: The petitioner shall pay an amount of Rs.2 lakhs within one month from today. The balance amount shall be paid in four equal monthly instalments starting from 3.10.2008. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the above amounts without default, further coercive proceedings shall be kept in abeyance. However, if the petitioner commits default in payment of either the Rs.2 lakhs or any of the subsequent instalments on the due dates, it would be open to the respondents to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. S. SIRI JAGAN, JUDGE Acd W.P.(c)No.22446/08 3