IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 26TH AUGUST 2008 / 4TH BHADRA 1930 W.P(C).No. 25444 of 2008(D) -------------------------- PETITIONER: ------------ T. MOHAMMED ALI, S/O. ANIKUTTY, AGED 57,RESIDING AT "SAPHIRE" THURAKKAL HOUSE, TANUR ROAD, PARAPANANGADI, MALAPPURAM DISTRICT BY ADV. SRI.HARISH R. MENON RESPONDENTS: ------------- 1. THE AUTHORISED OFFICER, STATE BANK OF INDIA, REGIONAL BUSINESS OFFICE, IST FLOOR, SOUTHERN TRADE TOWER, PUSHPA JN, FRANCIS ROAD, KOZHIKODE 673 002 2. THE MANAGER, STATE BANK OF INDIA, PARAPPANANGADI BRANCH, THAPPY'S TOWER, COURT ROAD, PARAPPANANGADI, MALAPPURAM DISTRICT, PIN 676 303 BY SRI. K. JAYAKUMAR, SC SRI. P.V. SURENDRANATH, SC, SBI. THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 26/08/2008,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J ================== W.P(C)No.25444 of 2008 ================== Dated this the 26th day of August, 2008. J U D G M E N T The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, initiated by the respondents for coercive recovery of loan amounts due from the petitioner. However, the petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks time to pay off the balance amount due. The Standing Counsel for the respondents opposes the same. However, I feel that a lenient view can be taken in the matter to permit the petitioner to pay off the amounts in instalments. Accordingly, the writ petition is disposed of with the following directions: The petitioner shall pay an amount of Rs. 4,00,000/- (Rupees four lakhs only) within one month from today. The balance amount shall be paid in six equal monthly instalments starting from 1.11.2008. Subsequent instalments shall be paid on the first working day of every succeeding month. If the petitioner pays the initial amount of Rs. 4,00,000/- and the subsequent instalments on the due dates W.P(C)No.25444 of 2008 - 2 - without default further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of either the Rs.4,00,000/-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 or proceedings in that regard. S.SIRI JAGAN, JUDGE rhs