IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 21ST JULY 2011 / 30TH ASHADHA 1933 WP(C).No. 17493 of 2011(J) ------------------------- PETITIONER : --------------------- 1. C.S.VINOD, S/O.SHIVADAS, KUZHUPPALLIL HOUSE, CHEMPUMUKKU, KAKKANAD PO, COCHIN-30. 2. JESLIN VINOD, W/O.C.S.VINOD, KUZHUPPALLIL HOUSE, CHEMPUMUKKU ,KAKKANAD PO, COCHIN-30. BY ADV. SRI.K.R.VINOD RESPONDENT(S): ------------------------- 1. CHIEF MANAGER & AUTHORISED OFFICER, ALLAHABAD BANK, ZONAL OFFICE, N-603, 6TH FLOOR, NORTH BLOCK, FRONT WING, MANIPAL CENTRE, 47-DICKSON ROAD, BANGLORE-560 042. 2. THE ALLAHABAD BANK, REP.BY ITS CHIEF MANAGER, N-603, 6TH FLOOR, NORTH BLOCK, FRONT WING, MANIPAL CENTRE, 47-DICKSON ROAD, BANGLORE-560 042. R1 & R2 BY ADVS. SRI.VIVEK VARGHESE P.J. , SC SRI.VARUGHESE M EASO THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Mn ...2/- WP(C).No. 17493 of 2011(J) APPENDIX PETITIONER'S EXHIBITS: EXT.P1 : ORIGINAL NOTICE ISSUED TO THE 1ST PETITIONER UNDER SEC 13(2) OF THE SRFAESI ACT BY THE 2ND RESPONDENT DATED 30.4.2011. EXT.P2 : ORIGINAL NOTICE ISSUED TO THE 2ND PETITIONER UNDER SEC 13(2) OF THE SRFAESI ACT BY THE 2ND RESPONDENT DATED 30.4.2011. RESPONDENT'S EXHIBITS: EXT.R1(a) : COPY OF STATEMENT OF ACCOUNT OF LOAN NO. 20428988438. //TRUE COPY// P.S. TO JUDGE Mn S.SIRI JAGAN, J. ================== W.P.(C).No. 17493 of 2011 ================== Dated this the 21st day of July, 2011 J U D G M E N T The petitioners challenge proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, initiated by the respondents for recovery of the loan amounts defaulted by the petitioners. The petitioners seek two more months' time to pay off the balance amount due. 2. This is strongly opposed by the learned counsel for the bank. 3. I have considered the rival contentions in detail. 4. This Court by order dated 29.6.2011 directed the petitioners to pay an amount of ` 1 lakh within three weeks, which has been paid. In the above circumstances, this writ petition is disposed of with a direction to the respondents to permit the petitioners to pay off the balance amounts due within two months. If the petitioners pay the amounts within two months, further proceedings under the Act shall be kept in abeyance. However, if the petitioners do not pay the balance amounts within the said period of two months, 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. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge 2