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. 26344 of 2008(J) -------------------------- PETITIONER: ---------------------- T.A. UNNIKRISHNA, S/O. ARAVINDAKSHAN, MANAYIL HOUSE, KAKKANAD WEST P.O, PALACHUVAD, KOCHI - 30. BY ADV. SRI.S.P.ARAVINDAKSHAN PILLAY SMT.N.SANTHA SRI.PETER JOSE CHRISTO SRI.S.A.ANAND SRI.N.RETHEESH RESPONDENTS: ------------- 1. UNION BANK OF INDIA, REGIONAL OFFICE, UNION BANK BHAVAN, P.B.NO.3667, CC 38/542. M.G.ROAD, ERNAKULAM, KOCHI - 682035. REPRESENTED BY ITS REGIONAL MANAGER. 2. THE SENIOR BRANCH MANAGER, UNION BANK OF INIDA, PUTHENCRUZ BRANCH, ERNAKULAM DISTRICT - 682308. 3. THE AUTHORIZED OFFICER, UNION BANK OF INDIA, NADAL REGIONAL OFFICE, UNION BANK BHAVAN, P.B.NO.3667, CC/38/542, M.G.ROAD, ERNAKULAM. KOCHI - 682035. BY ADV. SRI. A.S.P. KURUP, S.C. 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. 26344 of 2008 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 2nd September, 2008. J U D G M E N T The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 initiated by the respondents for coercive recovery of amounts due from the petitioner to the respondents in respect of a cash credit facility. However, the petitioner now wants only the facility to pay the amount in instalments. 2. This is opposed by the standing counsel for the Bank who would submit that the account has already been classified as NPA and the petitioner has not paid the amounts in spite of repeated demands. 3. Having heard both sides, I feel that the petitioner can be given some more time to pay off the amounts. Accordingly, the writ petition is disposed of with the following directions: The petitioner shall pay an amount of Rs. 1 lakh within one month from today. The balance amount shall be paid in three 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 complies with the above directions strictly, further recovery proceedings shall be kept in abeyance. However, if the petitioner fails to pay either Rs. 1 lakh or any of the subsequent instalments, 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. Sd/- S. Siri Jagan, Judge. Tds/ [True copy] P.S to Judge.