IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 23RD NOVEMBER 2011 / 2ND AGRAHAYANA 1933 WP(C).No. 22986 of 2011(W) ---------------------------------- PETITIONER(S): ------------------- N.V.SUDHARSAN, S/O.VELAYUDHAN, NANDIKKARA HOUSE, NANDIKKARA P.O., MUKUNDAPURAM TALUK BY ADV. SRI.V.BINOY RAM RESPONDENT(S): -------------------- 1. THE MANAGER, BANK OF INDIA, NANDIKKARA BRANCH, NANDIKKARA P.O.-680301 2. THE CHIEF MANAGER AND AUTHORISED OFFICER BANK OF INDIA ZONAL OFFICE, KERALA ZONE, ERNAKULAM-682016 R2 BY ADVS. SRI.DEVAN RAMACHANDRAN SRI.K.M.ANEESH SRI.K.SANTHOSH KUMAR (KALIYANAM) SRI.S.NIKHIL SANKAR THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 23/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: svs W.P.(C). NO. 22986/2011 APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF THE NOTICE DATED 15-3-2011 ISSUED BY THE 2ND RESPONDENT. P2: COPY OF THE NOTICE SENT BY THE PETITIONER TO THE 2ND RESPONDENT P3: COPY OF THE NOTICE ISSUED BY THE 2ND RESPONDENT TO THE PETITIONER. P4: COPY OF THE NOTICE DATED 09-08-2011 ISSUED BY THE ADVOCATE COMMISSIONER TO THE PETITIONER. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A. TO JUDGE. svs S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.22986 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 23rd day of November, 2011 J U D G M E N T The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI 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 amount in instalments. 2. This is opposed by the learned counsel for the Bank. 3. I have considered the rival contentions in detail. 4. On 25.08.2011, this Court passed the following interim order: “Admit. Standing Counsel takes notice for the respondents 1 and 2. Learned counsel for the petitioner prayed for an interim order of stay of further proceedings in the matter. It is submitted by the learned counsel for the Bank that the W.P.(C)No.22986 of 2011 -2- petitioner had availed two loans and he is a chronic defaulter and the account has become Non Performing Asset. Learned counsel for the petitioner submitted that an amount of Rs.75,000/- has already been paid and if some time is granted, the petitioner will be able to clear off the arrears in installments. Learned counsel for the petitioner seeks more time for approaching the Bank to submit proposals. In the meanwhile, if the petitioner pays an amount of Rs.75,000/- (Rupees seventy five thousand only) within one month, the proceedings will stand stayed for six weeks.” It is submitted that the amount as directed by the interim order is paid. In the above circumstances, I dispose of this writ petition with a direction to the respondents to permit the petitioner to pay off the balance amount due in 8 (eight) equal monthly instalments starting from 01.12.2011. 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 W.P.(C)No.22986 of 2011 -3- that regard. On payment of the first installment, the possession shall be returned to the petitioner. Sd/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/