IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 30TH JULY 2008 / 8TH SRAVANA 1930 WP(C).No. 21081 of 2008(I) -------------------------- CMP.1383/2008 of C.J.M.,TRIVANDRUM .................... PETITIONERS: ------------ 1. S. SREEKUMAR, S/O. NARAYANAN, AGED 42, MANGALASSERY, CHEMPAZHANTY.P.O, ANANDESWARAM, TRIVANDRUM. 2. V. VEENA RANI, W/O. SREEKUMAR, AGED 36, MANAGALASSERY, CHEMPAZHANTY.P.O, ANANDESWARAM, TRIVANDRUM. BY ADV. SRI.K.S.HARIHARAPUTHRAN SRI.GEORGE MATHEW RESPONDENTS: ------------- 1. AUTHORISED OFFICER, CHIEF MANAGER (ADVANCE), STATE BANK OF TRAVANCORE, REGION II, ZONAL OFFICE, TRIVANDRUM. 2. STATE BANK OF TRAVANCORE, SREEKARYAM BRANCH, TRIVANDRUM, REP. BY ITS MANAGER. BY ADV. SRI.R.S.KALKURA (SC FOR SBT) THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 30/07/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W. P (C) No. 21081 of 2008 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 30th July, 2008. J U D G M E N T The petitioners are in default of repayment of loan amounts due from them to the State Bank of Travancore, Sreekaryam branch, Thiruvananthapuram. The Bank has initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, which is under challenge in this writ petition. The petitioners have several accounts, one of which is for agricultural cash credit. The petitioners would submit that in respect of that account, the petitioners are entitled to the benefits of the agricultural debt relief and waiver scheme declared by the Central Government. In respect of other accounts, the petitioner seeks time to pay off the balance amounts due. 2. Learned standing counsel for the Bank submits that the Bank is prepared to consider the claim of the petitioners for waiver of the amounts due under the agricultural cash credit account in accordance with the Central scheme. In respect of the other amounts due, learned standing counsel would submit that in spite of repeated demands, the petitioners have not paid any amount. Having heard both sides, the writ petition is disposed of with the following directions: In respect of the agricultural cash credit loan, the Bank shall consider the claim of the petitioners for waiver under the Central scheme and pass appropriate orders. Till orders are so passed in respect of that account, no recovery shall be made. The balance amount due to the bank in respect of other loan facilities shall be paid by the petitioners as directed below. The petitioners shall pay an amount of Rs. 3 lakhs within one month from today. The balance amounts shall be paid in six equal monthly instalments starting from the first working day of October, W.P.C. No. 21081/2008. -: 2 :- 2008. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioners comply with the above directions strictly, further recovery proceedings shall be kept in abeyance. However, if the petitioners fail to pay either the Rs. 3 lakhs or any of the subsequent instalments, it would be open to the respondents to continue proceedings as now initiated in respect of the loan facilities other than the agricultural cash credit loan facilities, without having to issue any fresh notice or proceedings in that regard. Sd/- S. Siri Jagan, Judge. Tds/ [True copy] P.S to Judge.