IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 26TH AUGUST 2008 / 4TH BHADRA 1930 WP(C).No. 23778 of 2008(E) -------------------------- PETITIONER: ---------------- P.V.SAI KIRAN, S/O.LATE P.V.GANGADHARAN, AGED 33 YEARS, PATHOOR VALAPPIL HOUSE, SRK NAGAR, OTTAPALAM. BY ADV. SRI.E.R.VENKATESWARAN SRI.R.SREEHARI RESPONDENTS: ------------------ 1. STATE BANK OF INDIA, OTTAPALAM BRANCH, REPRESENTED BY ITS BRANCH MANAGER. 2. THE AUTHORISED OFFICER, STATE BANK OF INDIA, OTTAPALAM BRANCH. BY ADV. SRI.K.K.CHANDRAN PILLAI THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 26/08/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. SIRI JAGAN, J. --------------------------------------- W.P.(C)No.23778 OF 2008 ---------------------------------------- Dated this the 26th day of August, 2008 JUDGMENT The petitioner is a defaulter in repayment of loan amounts due to the respondents, who have initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act for bringing security interest to sale. The petitioner is challenging those proceedings. However, for the present, the petitioner would be satisfied with a facility to pay the amounts due in instalments. 2. This is opposed by the learned Standing Counsel for the respondents. However, taking a lenient view, I dispose of this writ petition with the following directions: The petitioner shall pay an amount of Rs.2 lakhs within three weeks from today. The balance amount shall be paid in five 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 initial amount of Rs.2 lakhs and the instalments in time without default, further W.P.(c)No.23778/08 2 proceedings under the Act 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, it would be open to the respondents 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.23778/08 3