IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 27TH AUGUST 2008 / 5TH BHADRA 1930 WP(C).No. 25866 of 2008(D) -------------------------- PETITIONER: ------------ ROY P., FEMSON TRASPORTS, ROSE LAND REFINERY ROAD, IRUMPANAM P.O., ERNAKULAM. BY ADV. SMT.MUMTAZ SHUMSUDDIA RESPONDENT: ---------------- STATE BANK OF TRAVANCORE, REP. BY THE AUTHERISED OFFICER, ZONAL OFFICE, PANAMPILLY NAGAR, KOCHI. BY SRI.SATHISH NINAN, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27/08/2008,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J ================== W.P(C)No.25866 of 2008 ================== Dated this the 27th day of August, 2008. J U D G M E N T The petitioner is a defaulter in repayment of loan amounts due to the respondent. Aggrieved by proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, initiated by the respondents for coercive recovery of the amounts due, the petitioner has filed this writ petition. However, the petitioner only wants some time to pay off the amounts due. The petitioner also seeks a direction to the respondent to consider the petitioner's claim for one time settlement. 2. This is opposed by the Counsel for the respondents. According to the respondent, more than Rs. 58.5 lakhs are due from the petitioner towards repayment of the loan amounts. He pointed out that the petitioner has not paid the amounts even after repeated demands. Having heard both sides, I feel that the petitioner can be permitted to pay off the amounts in instalments on conditions. Accordingly, the writ petition is disposed of with the following directions: W.P(C)No.25866 of 2008 - 2 - The petitioner shall pay an amount of Rs. 20 lakhs within six weeks from today. The balance amount shall be paid in six equal monthly instalments starting from 1.12.2008. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the initial amount of Rs. 20 lakhs and the instalments in time, further coercive proceedings shall be kept in abeyance. However, if the petitioner commits default in payment of either the Rs. 20 lakhs or any of the subsequent instalments, it would be open to the respondent to continue proceedings as now initiated without having to issue any fresh notice of proceedings in that regard. After paying Rs. 20 lakhs, if the petitioner submits an application for one time settlement, the same shall be considered by the bank in accordance with banks policy and guidelines. S.SIRI JAGAN, JUDGE rhs