IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 13TH AUGUST 2008 / 22ND SRAVANA 1930 WP(C).No. 23872 of 2008(P) ----------------------------------- PETITIONER: ------------------- K.S.SEBASTIAN KUTTAMPERUR CHAKKALACKAL HOUSE,PEACELANE ROAD, KURISSUMMOODU P.O.,CHETHIPUZHA VILLAGE CHANGANASSERY BY ADV. SRI.SELVIN ABRAHAM RESPONDENTS: ----------------------- 1. STATE BANK OF TRAVANCORE, CHANGANASSERY BRANCH, CHANGANASSERY,REPRESENTED BY ITS CHIEF MANAGER AND AUTHORIZED OFFICER 2. P.SIVATHANUPILLAI,THE AUTHORIZED OFFICER, STATE BANK OF TRAVANCORE, CHANGANASSERY BRANCH, CHANGANASSERY. BY ADV. R.S. KALKURA, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 13/08/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J ================== W.P(C)No.23872 of 2008 ================== Dated this the 13th day of August, 2008. J U D G M E N T The petitioner is challenging proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, initiated by the 1st respondent for coercive recovery of loan amounts due from the petitioner to the bank. However, the petitioner does not challenge the liability to pay or the quantum. He only seeks the facility to pay of the amounts in instalments. 2. This is stoutly opposed by the Counsel for the 1st respondent. According to him, since the bank has given all indulgence possible, the petitioner is not entitled to any further indulgence in the matter. Having heard both sides, I feel that some more leniency can be shown to the petitioner to enable the petitioner to pay the balance amounts due in instalments. 3. Accordingly, the writ petition is disposed of with the W.P(C)No.23872 of 2008 - 2 - following directions: The petitioner shall pay an amount of Rs. 1.5 lakhs within one month from today. The balance amount shall be paid in six equal monthly instalments starting from the first working day of October 2008. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the initial amount of Rs. 1.5 lakhs and the instalments on the due dates, further coercive proceedings shall be kept in abeyance. However, if the petitioner commits default in payment of either the initial amount of Rs. 1.5 lakhs or any of the subsequent instalments on the due dates, it would be open to the 1st respondent to continue proceedings as now initiated, without having to issue any fresh notice or proceedings in that regard. S.SIRI JAGAN, JUDGE rhs