IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 29TH MAY 2008 / 8TH JYAISHTA 1930 WP(C).No. 15942 of 2008(W) -------------------------- PETITIONER: ------------ JEE FRANCIS, S/O.T.U.FRANCIS, PROPRIETOR OF M/S.XERAPHIN SYSTEM, PKRA-36-SABARI NAGAR, KAITHAMUKKU. BY ADV. SRI.M.R.SASITH SRI.M.R.SARIN RESPONDENTS: ------------- 1. MANAGER, STATE BANK OF INDIA, ZONAL OFFICE, THIRUVANANTHAPURAM. 2. AUTHORISED OFFICER, STATE BANK OF INDIA, ZONAL OFFICE, THIRUVANANTHAPURAM. BY SRI. R.S. KALKURA, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29/05/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J = = = = = = = = = = = = = = = = W.P.(C).No. 15942 OF 2008 = = = = = = = = = = = = = Dated this the 29th day of May, 2008. J U D G M E N T The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, initiated by the respondents for recovery of loan amounts due from the petitioner to the respondents. The petitioner now submits that he is prepared to pay off the entire amounts in installments. This is opposed by the standing counsel appearing for the bank. He would submit that it is after giving the petitioner several opportunities that the proceedings have been initiated and Ext.P3 notice for sale has already been issued and the sale is fixed on 14.6.2008. 2. After hearing both sides, I feel that some more opportunity can be given to the petitioner for paying off the amounts in installments. Accordingly this writ petition is disposed of with the following directions: W.P.(C).No. 15942 OF 2008 2 The petitioner shall pay an amount of Rs.One Lakh before 14.6.2008. The balance amount shall be paid in six equal monthly installments starting from 15.7.2008. Every subsequent installments shall be paid on the 1st working day of every succeeding month. If the petitioner pays the initial amount of Rs.One Lakh before 14.6.2008, sale as per Ext.P3 shall be postponed. Thereafter, if the petitioner pays the installments on the due dates without default, further proceedings shall be kept in abeyance. However, if the petitioner fails to pay the initial amount of Rs. One Lakh or any of the subsequent installments, it would be open to the respondents to initiate proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. The writ petition is disposed of as above. S.SIRI JAGAN, JUDGE bkn/-