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. 25048 of 2008(F) -------------------------- PETITIONER: PETITIONERS ----------------------- 1. K.SANTHAKUMAR, PROPRIETOR, R.R.MODERN RICE MILL, OOTTARA, KOLLENGODE.P.O., PALAKKAD-678 506. 2. C.K.RADHAMANI, W/O.K.SANTHAKUMAR, R.R.MODERN RICE MILL, OTTARA, KOLLENGODE.P.O., PALAKKAD-678 506, BY ADV. SRI.V.CHITAMBARESH (SR.) SRI.T.C.SURESH MENON SRI.JIBU P THOMAS SRI.P.S.APPU RESPONDENTS: RESPONDENTS ------------------------ 1. INDIAN OVERSEAS BANK, REPRESENTED BY ITS BRANCH MANAGER, 12/835, G.B.ROAD, PALAKKAD-678 001, 2. THE AUTHORISED OFFICER, INDIAN OVERSEAS BANK,12/835, G.B.ROAD, PALAKKAD-678 001. BY ADV. SRI.P.B.SAHASRANAMAN FOR R1 & 2 SRI.K.JAGADEESH FOR R1 & 2 SRI.T.S.HARIKUMAR FOR R1 & 2 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.25048 of 2008 ================== Dated this the 27th day of August, 2008 J U D G M E N T The petitioners are defaulters in repayment of loan amount due from them to the Indian Overseas Bank. The bank has initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, for coercive recovery, which is under challenge in this writ petition. The petitioners do not dispute the liability to pay or the quantum. They only seek some time to pay off the amount. 2. This is opposed by the standing counsel for the Bank, who would submit that in spite of repeated demands the petitioners did not care to pay the amounts and, therefore, the petitioners are not entitled to any further indulgence from this Court. 3. After hearing both sides, I feel that a lenient attitude can be taken in the matter to enable the petitioners to pay off the amounts in instalments on conditions. Accordingly, this writ w.p.c.25048/08 2 petition is disposed of as follows: The petitioners shall pay an amount of Rs.8 lakhs within one month from today. The balance amount shall be paid in six 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 petitioners pay the initial amount and the instalments in time, coercive proceedings shall be kept in abeyance. However, if the petitioners commit default in payment of the initial amount or any of the instalments, it would be open to the respondents to continue the proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge w.p.c.25048/08 3