IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 30TH JUNE 2008 / 9TH ASHADHA 1930 WP(C).No. 18588 of 2008(K) -------------------------- PETITIONER: ------------ M/S FRIENDS COCONUT INDUSTRIES NO.10/447, VELLINEZHI P.O., CHERUPULASSERY, KARUMANAMKURUSSI P.O., PIN 679 504, REP: BY ITS MANAGING PARTNER, K.MANU. BY ADV. SRI.T.M.SREEDHARAN SRI.V.P.NARAYANAN RESPONDENTS: ------------- 1. THE BRANCH MANAGER, STATE BANK OF INDIA, OTTAPALAM 679 101. 2. THE REGIONAL MANAGER, STATE BANK OF INDIA, REGIONAL BUSINESS OFFICE, NEAR HOTEL FORT PALACE, PALAKKAD. 3. UNION OF INDIA, REPRESENTED BY ITS SECRETARY TO GOVERNMENT OF INDIA, MINISTRY OF FINANCE, NEW DELHI. BY ADV. SRI.P.PARAMESWARAN NAIR,ASST.SOLICITOR FOR R3 SHRI.CHANDRAN PILLAI, FOR R1 & R2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 30/06/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J. ================== W.P.(C).No.18588 of 2008 ================== Dated this the 30th day of June, 2008 J U D G M E N T The petitioner is a defaulter in repayment of loan amount due from him to the 1st respondent bank. The respondents have 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. However, now the petitioner does not dispute the liability to pay or the quantum. He only seeks facility to pay the amount in instalments. 2. This is opposed by the standing counsel for the Bank. He would submit that sufficient opportunity has been given to the petitioner to repay the amount and only when the Bank was certain that the petitioner would not pay any further amount, the bank decided to initiate coercive proceedings for recovery of the amount. 3. After hearing both sides, I feel that a lenient attitude can be taken in the matter to enable the petitioner to pay off the w.p.c.18588/08 2 amount in instalments on conditions. Accordingly, this writ petition is disposed of as follows: The petitioner shall pay Rs.6 lakhs within one month from today. The balance amount shall be paid in six equal monthly instalments starting from 1.9.2008. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the initial amount and the instalments in time, coercive proceedings shall be kept in abeyance. However, if the petitioner commits 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.18588/08 3