IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE K.M.JOSEPH MONDAY, THE 24TH NOVEMBER 2008 / 3RD AGRAHAYANA 1930 WP(C).No. 32168 of 2008(D) --------------------------------------------- PETITIONER(S): --------------------- 1. K.MRITHYUNJAYAN NAIR, SREEKUMAR VILASOM, PAVALLA, PUTHUSSERIMUKKU P.O. KALLAMBALAM, THIRUVANANTHAPURAM DIST - 695 605. 2. LALITHA BHAI, SREEKUMAR VILASOM, PAVALLA, PUTHUSSERIMUKKU P.O., KALLAMBALAM, THIRUVANANTHAPURAM DISTRICT - 695 605. BY ADV. SRI.M.R.RAJESH SMT.A.K.PREETHA RESPONDENT(S): -------------------------- 1. STATE BANK OF TRAVANCORE, REPRESENTED BY ITS CHIEF MANAGER, KALLAMBALAM BRANCH, KALLAMBALAM, THIRUVANANTHAPURAM - 695 605. 2. THE AUTHORISED OFFICER/CHIEF MANAGER, STATE BANK OF TRAVANCORE, KALLAMBALAM BRANCH, THIRUVANANTHAPURAM - 695 605. 3. SMT.S.SHALEELA, ADVOCATE, YKN TOWERS, OPP.THRIVENI NURSING HOME, VANCHIYOOR, THIRUVANANTHAPURAM. BY SHRI R.S. KALKURA, SC, SBT. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 24/11/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: K. M. JOSEPH, J. -------------------------------------- W.P.C. NO. 32168 OF 2008 D -------------------------------------- Dated this the 24th November, 2008 JUDGMENT According to petitioners, they are Guarantors to a loan availed by a Firm. It is stated that the first petitioner was a tailor and the second respondent is his wife and the first petitioner was sweating it out in the Arabian desert. According to them, proceedings have been taken under the SARFAESI Act. I heard the learned counsel appearing for the petitioners and the learned standing counsel appearing on behalf of the respondent Bank. Though belatedly, the petitioners have complied with the interim order passed by this Court and paid Rs.2 Lakhs. Having heard the learned counsel appearing for the parties, I feel that the petitioners should be permitted to pay off the entire amount remaining to be paid in seven equal monthly instalments. Accordingly, the Writ Petition is disposed of as follows: The first respondent Bank will serve a Statement on the first petitioner showing the balance amount remaining to be paid WPC.32168/08 D 2 and the exact amount of instalments to be paid on the basis that the petitioner is to pay in seven instalments. This shall be done within a period of two weeks from the date of receipt of a copy of this Judgment. The first instalment shall be payable on or before 23.12.2008 and the remaining instalments shall be payable on or before the 23rd of every succeeding month. If the petitioners do not pay any of the instalments, they will lose the benefit of this Judgment and it will be open to the respondent Bank to proceed against the petitioners in accordance with law. It is made clear that nothing stated in this Judgment will stand in the way of the parties agreeing to any other concession in favour of the petitioners. Sd/= K. M. JOSEPH, JUDGE kbk. // True Copy // PS to Judge