IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 1ST SEPTEMBER 2008 / 10TH BHADRA 1930 WP(C).No. 26240 of 2008(W) -------------------------- PETITIONER: ---------------- 1. K. SAHADEVAN, JOTHISH NIVAS, PNA ROAD, P.O. KARUVAMBRAM, WEST MANJERI - 676 123. 2. K. AJITHAKUMARI, JOTHISH NIVAS, PNA ROAD, P.O. KARUVAMBRAM, WEST MANJERI - 676 123. BY ADV. SRI.JOSEPH SEBASTIAN PURAYIDAM SMT.MABLE.C.KURIAN RESPONDENTS: ------------------ 1. STATE BANK OF INDIA, REGIONAL BUSINESS OFFICE, KOZHIKODE, REPRESENTED BY ITS CHIEF MANAGER (AUTHORISED OFFICER). 2. THE BRANCH MANAGER, STATE BANK OF INDIA, THARIF TOWERS, CALICUT ROAD, MANJERI. BY SRI. JAYAKUMAR - SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01/09/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. SIRI JAGAN, J. ------------------------------------ W.P.(C)No.26240 OF 2008 ---------------------------------------- Dated this the 1st day of September, 2008 JUDGMENT The petitioners are defaulters in repayment of loan amounts due to the respondents. The respondents have initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, for coercive recovery of the amounts due. The petitioners are challenging the said proceedings in this writ petition. However, for the present, the petitioners do not dispute the liability to pay or the quantum. The petitioners only seek facility to pay the amounts in instalments. 2. I have heard the learned Standing Counsel appearing for the respondents, who opposes the prayer. According to him, for more than two years no amounts have been paid in repayment of the loan amount and in such circumstances, the petitioners are not entitled to any further indulgence in the matter. W.P.(c)No.26240/08 2 Having heard both sides, I feel that the petitioners can be shown some more leniency in the matter. Accordingly, the writ petition is disposed of with the following directions. The petitioners shall pay an amount of Rs.1.5 lakhs within one month from today. The balance amount shall be paid in eight equal monthly instalments starting from 1.11.2008. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioners pay the initial amount of Rs.1.5 lakhs and the instalments in time without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioners commit default in payment of either the Rs.1.5 lakhs or any of the subsequent instalments, it would be open to the respondents to continue proceedings as now initiated without having to issue any fresh notice of proceedings in that regard. S. SIRI JAGAN, JUDGE Acd W.P.(c)No.26240/08 3