IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC WEDNESDAY, THE 6TH FEBRUARY 2008 / 17TH MAGHA 1929 WP(C).No. 36919 of 2007(T) -------------------------- PETITIONER: ------------ 1. S.PRIJI, PROPRIETOR, HOTEL ABHIRAMI, KATTAKKADA P.O., THIRUVANANTHAPURAM. 2. SUNIL KUMAR.V., GUARANTOR, KOVILAZHAKAM, E-13, JAWAHAR NAGAR, KOWDIAR P.O., THIRUVANANTHAPURAM. BY ADV. SRI.S.KRISHNAMOORTHY RESPONDENTS: ------------- 1. STATE BANK OF INDIA, REP. BY ITS CHIEF MANAGER, ZONAL OFFICE, THIRUVANANTHAPURAM-695014 2. STATE BANK OF INDIA, REP. BY ITS MANAGER, AUTHORIZED OFFICER, COMMERCIAL BRANCH - 4350, THIRUVANANTHAPURAM - 695014. BY STANDING COUNSEL ADV. SRI.K.K.CHANDRAN PILLAI THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 06/02/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. ------------------------------------ W.P.(C) 36919 of 2007 ------------------------------------- Dated: February 6, 2008 JUDGMENT The challenge in this writ petition is against the securitization proceedings initiated against the petitioners. It is submitted by the petitioners that since 15.1.2008, towards liquidation of the amount in default, the petitioners are paying Rs.10,000/- per day and the same is being accepted by the bank. If that be so, the petitioners are in the process of discharging the liability. 2. In view of this, I dispose of the writ petition directing that the petitioners shall continue to pay the amount as now paid along with the current dues that is payable on the loan availed of by them. Since the defaulted amount itself is more than Rs.50 lakhs, I also direct that in addition to the payments as above, they shall pay Rs.10 lakhs each every month, till the defaulted amount is cleared . It is also directed that once payment is made as above and the loan is regularised, the petitioners will be allowed to pay in instalments as agreed to by the parties in the loan agreement. Subject to this WP(C) 36919/07 Page numbers payment, the bank shall refrain from continuing coercive action and in case default is committed, it will be open to the bank to continue the coercive action that it has already initiated. ANTONY DOMINIC, JUDGE mt/-