IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 22ND MAY 2008 / 1ST JYAISHTA 1930 WP(C).No. 15226 of 2008(K) -------------------------- PETITIONER: ------------ SIM JOHNSON, 29 YEARS, S/O. C.P.JOHNSON, PROPRIETOR, PRINCE AGENCIES, 15/699, CHAKOLA HOUSE, V.H.ROAD, NEAR R.D.O. OFFICE, PALAKKAD - 1 BY ADV. SRI.A.F.SEBASTIAN RESPONDENT: ------------- AUTHORISED OFFICER, CORPORATION BANK, 11/447, MARKET ROAD, PALAKKAD - 678 014. BY ADV. SRI.VIVEK VARGHESE P.J. FOR R1 SRI.VARUGHESE M EASO FOR R1 SRI.P.J.VINOD JOSEPH FOR R1 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/05/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J = = = = = = = = = = = = = = = = W.P.(C).No. 15226 OF 2008 = = = = = = = = = = = = = Dated this the 22nd day of May, 2008. J U D G M E N T The petitioner is challenging proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. However, he does not dispute the liability to pay or the quantum. The petitioner now confines his prayer for a direction to the respondent to permit the petitioner to pay the amounts due in easy installments. 2. The learned standing counsel appearing for the respondent opposes the prayer. According to him the petitioner has been given enough opportunity to repay the amounts, which he has not availed of. 3. Taking into account the facts and circumstances of the case, I am of the view that a lenient attitude can be shown in this case by allowing the petitioner to pay off the amounts in installments. Accordingly the writ petition is disposed of with the following directions: W.P.(C).No. 15226 OF 2008 2 The petitioner shall pay an amount of Rs.2 Lakhs within one month from today. The balance amount due shall be paid in six equal monthly installments starting from 1.8.2008. The subsequent installments shall be paid on the 1st working day of every succeeding month. If the petitioner pays the initial amount and the installments in time without default, further coercive proceedings of the recovery of the amounts shall be kept in abeyance. However, if the petitioner commits default in payment of either the Rs.2 Lakhs or any of the installments, it would be open to the respondent to continue proceedings as now initiated without having to issue any further notice or proceedings in that regard. S.SIRI JAGAN, JUDGE bkn/-