IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 18TH JULY 2011 / 27TH ASHADHA 1933 WP(C).No. 11590 of 2011(W) ------------------------ PETITIONER : -------------------- SANTHAMMA, W/O.SREEDHARA PANICKER, `BRINDAVAN', THYCAUD, THIRUVANANTHAPURAM. BY ADVS. SRI.M.RAMASWAMY PILLAI SRI.P.M.JOSEPH RESPONDENT(S): ------------------------- 1. THE AUTHORISED OFFICER, STATE BANK OF INDIA, STRESSED ASSETS RESOLUTION CENTRE, LHO ANNEXE (WING I), IST FLOOR, CHILD WELFARE COMPLEX, LMS COMPOUND, THIRUVANANTHAPURAM-33. 2. THE STATE BANK OF INDIA, MARAKADA ROAD, THIRUVANANTHAPURAM, REP. BY ITS BRANCH MANAGER-695 033. R1 & R2 BY ADV. SRI. R.S. KALKURA, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Mn ...2/- WP(C).No. 11590 of 2011(W) APPENDIX PETITIONER'S EXHIBITS: EXT.P1 : COPY OF NOTICE U/S 13(2) OF SARFAESI ACT ISSUED BY 1ST RESPONDENT DT. 6.11.2009. EXT.P2 : COPY OF JUDGMENT DTD 8.12.09 IN WP(C) NO. 34237/2009. EXT.P3 : COPY OF NOTICE DT. 10.5.2010 ISSUED BY 1ST RESPONDENT. EXT.P3(a) : COPY OF NOTICE DT. 21.5.2010 ISSUED BY 1ST RESPONDENT. EXT.P4 : COPY OF PAPER PUBLICATION DTD 21.5.2010. EXT.P5 : COPY OF JUDGMENT DT. 27.5.10 IN WP(C) 15019/2010. EXT.P6 : COPY OF LETTER DTD 1.6.2010 SUBMITTED BY THE PETITIONER. EXT.P7 : COPY OF STATEMENT OF ACCOUNTS. EXT.P7(a) : -DO- -DO- EXT.P7(b) : -DO- -DO- EXT.P8 : COPY OF JUDGMENT DT. 28.10.10. EXT.P9 : COPY OF LETTER DT. 24.11.2010. RESPONDENT'S EXHIBITS - NIL //TRUE COPY// P.A. TO JUDGE Mn S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.11590 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 18th day of July, 2011 J U D G M E N T The petitioner is aggrieved by the proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) initiated by the respondents for recovery of defaulted loan amounts. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amount in instalments. 2. This court has passed three interims orders in this writ petition which are as follows: 12.04.2011 Standing counsel to get instructions. There will be an interim stay against dispossession and sale of the property till 31.5.2011 subject to condition of the petitioner remitting a sum of Rs.10,00,000/- (Rupees Ten lakhs only) in two equal instalments falling due on or before 30.4.2011 and on or before 31.5.2011. 10.6.2011 It is submitted that the conditions stipulated has been complied with in full. Interim stay is extended by 2 weeks. W.P.(C)No.11590 of 2011 -2- 22.06.2011 Interim stay is extended for a period of one month subject to condition of the petitioner remitting a sum of Rs.7,00,000/- (Rupees seven lakhs only) on or before 15.7.2011” It is submitted that the amounts covered by the interim orders have been paid. The counsel for the respondents opposes the prayer for instalment facility. However taking a lenient view, I dispose of this writ petition with the following directions: The respondents shall permit the petitioner to pay off the balance amount due in 5 (five) equal monthly instalments starting from 01.09.2011. 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 W.P.(C)No.11590 of 2011 -3- initiated without having to issue any fresh notice or proceedings in that regard. Sd/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/