IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 2ND SEPTEMBER 2008 / 11TH BHADRA 1930 WP(C).No. 26535 of 2008(H) -------------------------- PETITIONER: ---------------- ABDUL MANAF, KOTTILINGAL HOUSE, POST ENAKKAD, WADAKKANCHERRY, THRISSUR. BY ADV. SMT.S.MUMTAZ RESPONDENTS: ------------------- 1. UCO BANK, SWARAJ ROUND EAST, REPRESENTED BY THE BRANCH MANAGER, PB NO. 167, THRISSUR-680 001. 2. AUTHORISED OFFICER, UCO BANK, REGIONAL OFFICE, OVER BRIDGE JN. THIRUVANANTHAPURAM. BY SRI. GEORGE K. VARGHESE -SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/09/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. SIRI JAGAN, J. ------------------------------------ W.P.(C)No.26535 OF 2008 ---------------------------------------- Dated this the 2nd day of September, 2008 JUDGMENT The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, initiated by the respondents for recovery of loan amounts due from him to the respondents. However, the petitioner does not dispute the liability to pay or the quantum. The petitioner now seeks only facility to pay off the amounts in instalments. 2. This is opposed by the learned Standing Counsel for the respondents. However taking a lenient view, I dispose of this writ petition with the following directions: The petitioner shall pay an amount of Rs.5 lakhs within one month from today. The balance amount shall be paid in six 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 petitioner pays the initial amount of W.P.(c)No.26535/08 2 Rs.5 lakhs and the instalments in time without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of either the Rs.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.26535/08 3