IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 12TH DECEMBER 2011 / 21ST AGRAHAYANA 1933 WP(C).No. 32957 of 2011(T) --------------------------------------- PETITIONER(S): --------------------- 1. THAHIRA T.P., W/O.ABDUL NAZAR A.K., SHEIK PALACE, MUZHAKUNNU, AYYAPPANKAVU, VILAKODE P.O. 2. ABDUL NAZAR A.K., S/O.K.K.KHADER, RESIDING AT DO. DO. BY ADV. SRI.CIBI THOMAS RESPONDENT(S): ------------------------ 1. FEDERAL BANK LTD., REP. BY ITS BRANCH MANAGER, VALLITHODU BRANCH, KANNUR DISTRICT-670010. 2. THE CHIEF MANAGER AND AUTHORISED OFFICER, FEDERAL BANK LTD., ZONAL OFFICE, FEDERAL TOWERS, MAVOOR ROAD, KOZHIKODE - 673016. THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 12/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sd/- WPC NO. 32957/2011 APPENDIX PETITIONER(S) EXHIBITS EXT.P1 TRUE COPY OF THE SALE NOTICE ISSUED BY THE 2ND RESPONDENT. RESPONDENTS' EXHIBITS NIL TRUE COPY P.A. TO JUDGE sd/- S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.32957 of 2011 ---------------------------------------------- Dated this the 12th day of December, 2011 JUDGMENT The petitioners challenge proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondents for recovery of the loan amounts due from the petitioners to the respondents. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek facility to pay off the amounts due in instalments. 2. This is opposed by the learned counsel for the bank. However, taking a lenient view, I dispose of this writ petition with the following directions: The respondents shall permit the petitioners to pay off the balance amount due in ten equal monthly instalments starting from 2.1.2012. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioners pay the instalments on due dates without default, further W.P.(C)No.32957/11 2 proceedings under the Act shall be kept in abeyance. However, if the petitioners commit 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. S. SIRI JAGAN, JUDGE acd W.P.(C)No.32957/11 3