IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 3RD AUGUST 2011 / 12TH SRAVANA 1933 WP(C).No. 10734 of 2011(N) -------------------------------------- PETITIONERS: --------------------- 1. SMT.DEVI AMRITHA RAJAN AGED 29 , D/O.SRI.K.M.DEVARAJAN, THINNKKAKATH HOUSE, MAHATMA GANDHI ROAD, COCHIN-35. 2. SRI.K.M.DEVARAJAN, S/O.K.G.MADHAVAN,A GED 74, THINNKKAKATH HOUSE, MAHATMA GANDHI ROAD, COCHIN-35. 3. SMT. BAHAGHYALAKSHMI, W/O.K.M.DEVARAJAN, THINNKKAKATH HOUSE, MAHATMA GANDHI ROAD, COCHIN-35. BY ADVS. SRI.S.SREEKUMAR, SRI.P.MARTIN JOSE, SRI.P.PRIJITH, SRI.ANEESH JAMES. RESPONDENTS: ------------------------ 1. CORPORATION BANK, ERNAKULAM BRANCH, RAVIPURAM, GROUND FLOOR, VEETTEEL CHAMBERS, M.G.ROAD, COCHIN- 16, REP. ITS CHIEF MANAGER. 2. BRANCH MANAGER, CORPORATION BANK, ERNAKULAM BRANCH, RAVIPURAM, GROUND FLOOR, VEETTEEL CHAMBERS, M.G.ROAD, COCHIN 16. 3. THE SPECIAL TAHASILDAR, REVENUE RECOVERY, KANAYANNUR TALUK, ERNAKULAM KOCHI-11. R1 & R2 BY SRI.VIVEK VARGHESE P.J. R3 BY GOVT. PLEADER SRI. C.K. GOVINDAN. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 03/08/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C). NO.10734/2011-N: APPENDIX PETITIONERS' EXHIBITS & ANNEXURES: EXT.P.1: COPY OF THE NOTICE DTD. 21/02/2011 TO THE PETITIONER BY R.1. EXT.P.2: COPY OF THE LETTER DTD. 02/03/2011 ISSUED BY P.2. TO THE BRANCH MANAGER OF THE R.1. EXT.P.3: COPY OF THE LETTER DTD. 28/01/2011 ISSUED BY R.3. TO THE P.2. EXT.P.4: COPY OF THE LETTER DTD. 28/01/2011 ISSUED BY R.3. TO THE P.2. EXT.P.5: COPY OF THE LETTER DTD. 10/03/2011 ISSUED BY R.1. TO THE P.2. ANNEXURE-I: COPY OF THE DEMAND DRAFT DTD. 08/04/2011 FOR RS.30,000/-. ANNEXURE-II: COPY OF THE DEMAND DRAFT DTD. 06/05/2011 FOR RS.30,000/-. RESPONDENTS' EXHIBITS: NIL. //TRUE COPY// P.A. TO JUDGE. Prv. S.SIRI JAGAN, J. ================== W.P.(C).No. 10734 of 2011 ================== Dated this the 3rd day of August, 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 respondents 1 and 2 through the 3rd respondent, for recovery of loan amounts defaulted by the petitioners. 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. 3. However, taking a lenient view, I dispose of this writ petition with the following directions; The petitioners shall pay the balance amount due 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 petitioners pay the instalments on the due dates without default, coercive proceedings for recovery of the amounts shall be kept in abeyance. However, if the petitioners commit default in payment of any 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. Interlocutory application stands closed. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge