IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 3RD APRIL 2008 / 14TH CHAITHRA 1930 WP(C).No. 35821 of 2007(M) -------------------------- PETITIONER: ------------ ANIL KUMAR.C.V., S/O.VASUDEVAN C.M., CHAKKINGALTHODY, KANAYAM (PO). BY ADV. SRI.SAJAN VARGHEESE K. SRI.LIJU. M.P RESPONDENTS: ------------- 1. MANAGER, (AUTHORISED OFFICER), THE SHORANUR CO-OPERATIVE URBAN BANK LTD. NO.1639, SHORANUR P.O. 2. THE SHORANUR CO-OPERATIVE URBAN BANK LTD.NO.F. 1639, SHORANUR POST, REP. BY ITS SECRETARY. BY ADV. SRI.M.P.ASHOK KUMAR THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 03/04/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J. ================== W.P.(C).No.35821 of 2007 ================== Dated this the 3rd day of April, 2008 J U D G M E N T The petitioner is challenging the proceedings initiated by the 1st respondent under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. At the time of admission, an interim stay was granted for a period of four months on condition that the petitioner pays at the rate of Rs.50,000/- payable on or before 25th of every month, commencing from December, 2007. There was a condition that if there is default in payment of the instalments as stated above, the benefit of the order shall stand recalled automatically. The petitioner now submits that the petitioner has been paying the amounts in accordance with the said order and the balance amount comes to around Rs.87,000/-. He submits that the petitioner may be allowed to pay the same in instalments. The counsel for the respondents submits that the balance amount payable is not exactly Rs.87,000/-, but more. 2. After hearing both sides, I feel that the petitioner can be allowed to pay the balance amounts due in five equal monthly 2 instalments. Accordingly, this writ petition is disposed of with the following directions: The respondents shall issue a communication to the petitioner stating the exact balance amount due including future interest, if the amount is paid in five equal monthly instalments. This shall be done within one week from today. The amount so demanded by the respondents shall be paid by the petitioner in five equal monthly instalments starting from 15.4.2008. Every subsequent instalment shall be paid on the first working day after 14th of every succeeding month. If the petitioner pays the instalments in time without default, further recovery proceedings pursuant to Exts.P1 and P2 shall be kept in abeyance. However, if the petitioner commits default in payment of any one installment, 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 3