IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 21ST AUGUST 2008 / 30TH SRAVANA 1930 WP(C).No. 23361 of 2008(F) -------------------------- PETITIONER: --------------- VISWANATHAN, S/O.SUBRAMONIAM 175C UTHANANKAD, THENKURISI PO., PALAKKAD. BY ADV. SMT.S.MUMTAZ RESPONDENTS: ----------------- INDIAN BANK, PALAKKAD BRANCH REP. BY CHIEF MANAGER, PALAKKAD-678001. BY ADV. SRI.S.EASWARAN FOR R THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21/08/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. SIRI JAGAN, J. ------------------------------------ W.P.(C)No.23361 OF 2008 ---------------------------------------- Dated this the 21st day of August, 2008 JUDGMENT The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, initiated by the respondent for recovery of loan amounts due from the petitioner under a loan, which the petitioner has defaulted repayment of. However, the petitioner does not dispute the liability to pay or the quantum. The petitioner confines his prayer for a permission to pay off the amounts due in instalments. 2. This is opposed by the learned counsel for the bank, who would submit that the petitioner has not paid any amount in repayment of the loan amounts and as such he is not entitled to any reliefs in the matter. 3. After hearing both sides, I feel that the petitioner can be given some time to pay off the amounts in instalments. Accordingly, the writ petition is disposed of with the following W.P.(c)No.23361/08 2 directions: The petitioner shall pay an amount of Rs.1.5 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 Rs.1.5 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 either the Rs.1.5 lakhs or any of the subsequent instalments, it would be open to the respondent 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.23361/08 3