IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 15249 of 2008(M)
1. P.SOMAN, S/O.PARAMESWARAN KANI, AGED 50
... Petitioner
2. L.RADHA, W/O.P.SOMAN, AGED 46 YEARS,
Vs
1. STATE BANK OF TRAVANCORE, REPRESENTED
... Respondent
2. THE AUTHORISED OFFICER, CHIEF MANAGER
3. THE MANAGER,
For Petitioner :SMT.REKHA VASUDEVAN
For Respondent :SRI.R.S.KALKURA
The Hon'ble MR. Justice S.SIRI JAGAN
Dated :03/06/2008
O R D E R
S. SIRI JAGAN, J.
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W.P.(C)No.15249 OF 2008
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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 initiated by the respondents
for recovery of loan amounts due from them to the bank. They
do not dispute the liability or the quantum. They only seek time
to pay the amounts in instalments. This is opposed by the
learned Standing Counsel for the bank who submits that the
proceedings for taking possession are nearing completion and at
this point of time this Court should not interfere.
After hearing both sides, I feel that a lenient attitude can be
taken in the matter in order to enable the petitioners to pay off
the amounts in instalments. Accordingly, I dispose of this writ
petition with the following directions.
The petitioners shall pay an amount of Rs.2 lakhs within a
period of one month from today. The balance amounts shall be
paid in six equal monthly instalments starting from 1.8.2008.
W.P.(c)No.15249/08 2
The petitioners shall pay the subsequent instalments on the
first working day of every succeeding month. If the petitioners
pay initial amount of Rs.2 lakhs 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.2 lakhs- 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.15249/08 3