IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 14TH JULY 2011 / 23RD ASHADHA 1933 WP(C).No. 12454 of 2011(F) ------------------------ PETITIONER : --------------------- SRI.K.SURESHKUMAR, PROPRIETOR, M/S. KRISHNA STORES, RESIDING AT "HARSHALAYAM", CHIRATTAKONAM, THALACHIRA, KOTTARAKKARA, KOLLAM-691546. BY ADV. SRI.M.K.CHANDRAMOHAN DAS RESPONDENT(S): ------------------------- 1. THE SYNDICATE BANK, REGIONAL OFFICE, SASTHAMANGALAM, THIRUVANANTHAPURAM-695010, REPRESENTED BY ITS REGIONAL MANAGER. 2. THE MANAGER, SYNDICATE BANK, KATTAZHIKAM, BUILDING, M.C.ROAD, PANAVELI, KOLLAM DISTRICT-691001. R1 & R2 BY ADV. SRI. R.S. KALKURA, SC THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 14/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Mn ...2/- WP(C).No. 12454 of 2011(F) APPENDIX PETITIONER'S EXHIBITS: EXT.P1 : COPY OF THE NOTICE DTD. 14.11.2009. EXT.P2 : COPY OF THE DEMAND NOTICE U/S. 13(2) DATED 13.8.2010. EXT.P3 : COPY OF THE NOTICE DATED 26.3.2011. EXT.P4 : COPY OF THE RECEIPT DTD 19.5.2011. RESPONDENT'S EXHIBITS - NIL //TRUE COPY// P.A. TO JUDGE Mn S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.12454 OF 2011 ---------------------------------------------- Dated this the 14th day of July, 2011 JUDGMENT The petitioner is 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 the petitioner to the respondents. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amounts in instalments. 2. This is opposed by the learned counsel for the bank. 3. The learned counsel for the petitioner submits that although belatedly the petitioner has complied with the interim order dated 19.4.2011 by paying the entire amount of Rs.5 lakhs as directed. 4. I have considered the rival contentions in detail. In the above circumstances, this writ petition is disposed of with the following directions: The respondents shall permit the petitioner to pay off the W.P.(C)No.12454/11 2 balance amount in ten equal monthly instalments starting from 1.9.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the instalments on due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of any one of the 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. The bank shall issue a statement of accounts to the petitioner within two weeks. S. SIRI JAGAN, JUDGE acd W.P.(C)No.12454/11 3 W.P.(C)No.12454/11 4