IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 3RD JUNE 2008 / 13TH JYAISHTA 1930 WP(C).No. 8092 of 2008(L) --------------------------------- PETITIONERS: ----------------- 1. P. KUNHI MOIDU, PUTHIYOTTIL HOUSE, KODIYOOR POST, (VIA) KALLACHI, KOZHIKODE DISTRICT. 2. P. AAMMAD, PUTHIYOTTIL HOUSE KODIYOOR POST, (VIA) KALLACHI KOZHIKODE DISTRICT. BY ADV. SRI.K.JANARDHANAN SRI.MANURAJ. K.J SRI.M.NAJEESH BABU RESPONDENTS: ------------------- 1. THE AUTHORISED OFFICER ANDHRA BANK MAIN BRANCH, COIMBATORE. 2. THE MANAGER, ANDHRA BANK, CALICUT BRANCH. BY ADV. SRI.ABRAHAM MATHEW (VETTOOR) FOR R2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 03/06/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. SIRI JAGAN, J. ------------------------------------ W.P.(C)No.8092 OF 2008 ---------------------------------------- Dated this the 3rd day of June, 2008 JUDGMENT The petitioners are challenging proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, for recovery of loan amounts due from them to the respondents. However, the petitioners do not dispute the liability to pay or the quantum. They only want facility to pay the balance amounts in instalments. This is stoutly opposed by the learned Standing Counsel for the respondents. He submits that the possession has been taken and the proceedings are in the last stage and therefore this Court shall not interfere at this point of time. 2. After hearing both sides, I feel that a lenient attitude can be taken in the matter to permit the petitioners to pay the balance amounts in instalments. Accordingly, I dispose of this writ petition with the following directions. The petitioners shall pay an amount of Rs.75,000/- (Rupees Seventy Five thousand only) within a period of one month from W.P.(c)No.8092/08 2 today. The balance amount shall be paid in six equal monthly instalments starting from 1.8.2008. The petitioners shall pay the subsequent instalments on the first working day of every succeeding month. If the petitioners pay the initial amount of Rs.75,000/- and the instalments as directed above without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioners commit default in payment of either Rs.75,000/- 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 Acd W.P.(c)No.8092/08 3