IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 8TH JULY 2008 / 17TH ASHADHA 1930 WP(C).No. 19206 of 2008(J) -------------------------- CMP.1540/2008 of C.J.M.,TRIVANDRUM .................... PETITIONERS: ------------ 1. J.MOHNDAS, PROPRIETOR, HAPPY FUELS, PALLICHAL, THIRUVANANTHAPURAM. 2. J.PRABHASH, KUMAR BHAVAN, VAVODE, VAZHICHAL P.O., THIRUVANANTHAPURAM DISTRICT. 3. J.PRASANNAKUMAR, J.P. NILAYAM, VAVODE, VAZHICHAL P.O., THIRUVANANTHAPURAM DISTRICT. BY ADV. SRI.R.S.MOHANAN NAIR RESPONDENT: ------------- THE AUTHORISED OFFICER, CHIEF MANAGER (ADVANCES) STATE BANK OF TRAVANCORE REGION II, SANTHI NAGAR, THIRUVANANTHAPURAM. BY ADV. SRI. R.S. KALKURA, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 08/07/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W. P (C) No. 19206 of 2008 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 8th July, 2008. J U D G M E N T The petitioners challenge proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 initiated by the respondent for recovery of loan amounts due from the petitioners to the State Bank of Travancore. However, the petitioners do not dispute the liability to pay or the quantum. The petitioners only seek facility to pay the amount in instalments. This is opposed by the counsel for the Bank, who would submit that more than Rs. 30 lakhs is due from the petitioners and the petitioners have not paid any amount for the past so many years. 2. After hearing both sides, I feel that the petitioners can be allowed some indulgence in the matter of payment of the balance amount due in instalments. Accordingly, the writ petition is disposed of with the following directions: The petitioners shall pay an amount of Rs. 7 lakhs within one month from today. The balance 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 petitioners pay the above amount in time without any default, further proceedings under the Act shall be kept in abeyance. However, if the petitioners fail to pay either the Rs. 7 lakhs or any of the subsequent instalment, it would be open to the respondents to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Sd/- S. Siri Jagan, Judge. Tds/ [True copy] P.S to Judge.