IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 19TH JUNE 2008 / 29TH JYAISHTA 1930 WP(C).No. 17421 of 2008(Y) -------------------------- PETITIONER: ------------ VIJAYAMOHAN.P., S/O.M.PARAMESWARAN, TC.9/266-1, JAWAHAR GARDENS, JAWAHAR NAGAR, SASTHAMANGALAM PO., TRIVANDRUM BY ADV. SRI.S.MOHAMMED AL RAFI SRI.I.SHAHUL HAMEED RESPONDENTS: ------------- 1. CANARA BANK, REP. BY DIVISIONAL MANAGER AUTHORISED OFFICER, PETTAH,TRIVANDRUM 2. BRANCH MANAGER, CANARA BANK, PETTA THIRUVANANTHAPURAM. BY ADV. SRI.P.GOPINATH MENON, SC, CANARA BANK FOR R1-2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19/06/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J = = = = = = = = = = = = = = = = W.P.(C).No. 17421 OF 2008 = = = = = = = = = = = = = Dated this the 19th day of June, 2008. J U D G M E N T The respondents have initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, against the petitioner for recovery of loan amounts taken by the petitioner from the respondents. The petitioner is challenging those proceedings. However, the petitioner does not dispute the liability of the quantum. He only seeks facility to pay the balance amounts due in instalments. 2. This is opposed by the standing counsel for the bank. He would submit that the petitioner has been given ample opportunity to pay the amounts, which he has not availed of and therefore he is not entitled to any more indulgence in the matter. 3. Having heard both sides, I feel that some leniency can be shown to the petitioner to permit him to pay the balance amount due in installments. Accordingly, the writ petition is disposed of with the following directions: W.P.(C).No. 17421 OF 2008 2 The petitioner shall pay an amount of Rs.2.5 Lakhs within one month from today. The balance amount due shall be paid in six equal monthly instalments starting from 1.8.2008. Every subsequent instalment shall be paid on the 1st working day of every succeeding month. If the petitioner pays the initial amount of Rs.2.5 Lakhs and the instalments on the due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of either the Rs.2.5 Lakhs or any one of the instalments, it would be open to the respondents to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. S.SIRI JAGAN, JUDGE bkn/-