IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE K.M.JOSEPH FRIDAY, THE 11TH APRIL 2008 / 22ND CHAITHRA 1930 WP(C).No. 12813 of 2008(A) ---------------------------------------- PETITIONERS: ---------------------- 1. M/S.DUROLAC, 3RD INDUSTRIAL DEVELOPMENT PLOT, ANGAMALY SOUTH PO, ANGAMALY, REPRESENTED BY ITS MANAGING PARTNER GOPALAKARISHNA PILLAI V., SARASWATHY NILAYAM, DESOM P.O., ALUVA. 2. GOPALAKRISHNA PILLAI V. S/O.RAMAN NAIR, AGED 70 YEARS, SARASWATHY NILAYAM, DESOM P.O., ALUVA. 3. SASIKALA DEVI C.C., W/O.VIJAYAGOPAL G., AGED 38 YEARS, SARASWATHY NILAYAM, DESOM P.O., ALUVA. 4. VIJAYAGOPAL G., S/O.GOPALAKRISHNA PILLAI V., AGED 44 YEARS SARASWATHY NILAYAM, DESOM P.O., ALUVA. BY ADV. SRI.M.L.SAJEEV SRI.JAISON JOSEPH RESPONDENT: ----------------------- STATE BANK OF TRAVANCORE, ANGAMALY BRANCH REPRESENTED BY ITS ASSISTANT GENERAL MANAGER, ANGAMALY. BY ADV. SRI. SATHISH NINAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 11/04/2008,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss K. M. JOSEPH, J. -------------------------------------- W.P.C. NO. 12813 OF 2008 A -------------------------------------- Dated this the 11th April, 2008 JUDGMENT Petitioners availed loans from the respondent Bank by mortgaging immovable properties. The amounts were not repaid. Proceedings were taken under the Securitisation And Reconstruction of Financial Assets And Enforcement of Security Interest Act, 2002 (for short, the Act). According to the petitioners, there was a settlement, but they were not given sufficient time. I heard Shri Sathish Ninan, learned counsel appearing for the respondent Bank also. 2. Learned counsel for the petitioners submits that given some reasonable time, the petitioners can settle the amount due to the respondent. It is pointed out by the learned counsel for the respondent that the petitioners have lost the benefit under the OTS scheme. Counsel for the respondent does not seriously oppose the granting of some time to the petitioners. In such circumstances, the Writ Petition is disposed of as follows: WPC. 12813/08 A 2 Petitioners are permitted to pay off the amount remaining to be paid, which shall be indicated by the respondent Bank by a written notice to be served on the first petitioner within two weeks from today, in three instalments. The amount of the instalments to be paid will also be indicated in the notice. Thereupon, the petitioners are permitted to pay off the amount as aforesaid in three equal monthly instalments. The first instalment shall be paid on or before 20.5.2008. The second and third instalments shall be paid on or before the 20th of the immediately succeeding months. If the petitioners do not pay any of the aforesaid instalments, they will forfeit the benefit of this Judgment and it will be open to the respondent Bank to continue with the proceedings in accordance with law. If the petitioners continue to pay in terms of this Judgment, recovery proceedings shall be kept in abeyance. K. M. JOSEPH, JUDGE kbk.