IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 11TH JULY 2008 / 20TH ASHADHA 1930 WP(C).No. 19531 of 2008(A) -------------------------------------- PETITIONER : ------------------- PALRAJ, DHINDUKOMBAKARA, KANTHALLOOR, IDUKKI DISTRICT. BY ADV. SRI.LATHEESH SEBASTIAN RESPONDENTS : ---------------------- 1. STATE BANK OF INDIA, REPRESENTED BY THE BRANCH MANAGER, MARAYOOR BRANCH, IDUKKI DISTRICT. 2. THE AUTHORISED OFFIER, UNDER THE SARFAESI ACT, CHIEF MANAGER, (CREDIT SUPPORT CELL) REGIONAL BUSINESS OFFICE, THIRUVANANTHAPURAM. BY ADV.SRI.P.V.SURENDRANATH THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 11/07/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J ============== W.P.(C).No. 19531 OF 2008 ==================== Dated this the 11th day of July, 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, initiated by the respondents for recovery of loan amounts due to the respondents from the petitioner. However, the petitioner does not dispute the liability to pay or the quantum. The petitioner now only seeks facility to pay the balance amount due in instalments. 2. Although this is opposed by the counsel for the respondents, I am inclined to permit the petitioner to pay the balance amount due in instalments. Accordingly, the writ petition is disposed of with the following directions: The petitioner shall pay ¼th of the amount due within one month from today and the balance amount shall be paid in 5 equal monthly instalments starting from 1.10.2008. Every subsequent instalment shall be paid on the 1st working day of every succeeding month. If the petitioner pays ¼th of the amount W.P.(C).No. 19531 OF 2008 2 due and the subsequent instalments in time as directed above, further proceedings shall be kept in abeyance. However, if the petitioner fails to pay either the ¼th of the amount due 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 or proceedings in that regard. S.SIRI JAGAN, JUDGE bkn/-