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. 18447 of 2008(U) -------------------------- PETITIONER: ------------ SUNIL KUMAR, AGED 32, S/O CHELLAPPAN, RESIDING AT ELY COTTAGE KUNNATHUKAL P.O., THIRUVANANTHAPURAM 695 504. BY ADV. SRI.R.T.PRADEEP SRI.V.VIJULAL RESPONDENTS: ------------- 1. AUTHORISED OFFICER/STATE BANK OF INDIA, STRESSED ASSETS RESOLUTION CENTRE, ZONAL OFFICE, THIRUVANANTHAPURAM -33. 2. BRANCH MANAGER, S.I.I BRANCH, THIRUVANANTHAPURAM. BY SHRI.K.K.CHANDRAN PILLAI, SC 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.18447 of 2008 ================== Dated this the 25th day of July, 2008 J U D G M E N T The petitioner runs a school, the property comprised of which has been mortgaged as a security for loan amount due from him to the respondents. He defaulted repayment of the loan amount, as a result of which, the respondents initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 against the school property which is the security interest. The petitioner challenges those proceedings. However, the petitioner does not dispute the liability or the quantum. He only seeks indulgence of this Court in directing the respondents to permit the petitioner to pay the amount in instalments. 2. This is opposed by the counsel for the bank, who would submit that as on today the amount due is Rs.30 lakhs. He would further submit that in spite of granting sufficient opportunities, the petitioner has not cared to pay any amount. 3. After hearing both sides, I feel that a lenient attitude w.p.c.18447/08 2 can be taken in the matter especially in view of the fact that the security interest is comprised of a school. Accordingly, this writ petition is disposed of as follows: The petitioner shall pay an amount of Rs.2 lakhs by tomorrow as undertaken by him. Another amount of Rs.10 lakhs shall be paid within six weeks from today. The balance amount shall be paid in six 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 petitioner pays the initial amounts and the instalments in time, coercive proceedings shall be kept in abeyance. However, if the petitioner commits default in payment of the initial amounts or any of the instalments, it would be open to the respondents to continue the proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge w.p.c.18447/08 3