IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 11TH AUGUST 2008 / 20TH SRAVANA 1930 WP(C).No. 24185 of 2008(D) -------------------------- PETITIONER: ------------ R.JAYAKUMAR, S/O.G.RAMACHANDRAN PILLAI, JAYAVILASAM, CHENGAMANAD P.O., KOTTARAKKARA, KOLLAM DIST. BY ADV. SRI.T.K.RADHAKRISHNAN RESPONDENTS: ------------- 1. INDIAN BANK, MAIN ROAD, KOLLAM, REP. BY ITS MANAGER. 2. CHIEF MANAGER (AUTHORISED OFFICER) INDIAN BANK, CIRCLE OFFICE, CHITTOOR ROAD, ERNAKULAM. BY SHRI.S.EASHWARAN, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 11.8.2008 THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J. ================== W.P.(C).No.24185 of 2008 ================== Dated this the 11th day of August, 2008 J U D G M E N T The petitioner is a defaulter in repayment of loan amount due from him to the respondents. 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, the petitioner does not dispute the liability to pay or the quantum. He only seeks some time to pay off the amount in instalments. 2. This is opposed by the standing counsel for the Bank. He would submit that the last date for submitting tenders for the sale of the secured interest is today and sealed tenders have to be opened tomorrow. Therefore, it is late in the day for the petitioner to contend that he should be given further time to pay off the amounts. He further submits that even if this Court is inclined to permit the petitioner pay the amounts in instalments, the petitioner may be directed to pay substantial portion of the defaulted amount immediately and the balance in three w.p.c.24185/08 2 instalments. 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 amount in instalments on conditions. Accordingly, this writ petition is disposed of as follows: The petitioner shall pay an amount of Rs.50,000/- by tomorrow. If the petitioner pays the said amount by tomorrow, opening of the sealed tenders shall be postponed. The petitioner shall pay another three lakhs rupees within one month. The balance amount shall be paid in six equal monthly instalments starting from 1.10.2008. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner complies with the above directions, further proceedings shall be kept in abeyance. However, if the petitioner fails to comply with the above directions, 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.24185/08 3