IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 28TH JULY 2011 / 6TH SRAVANA 1933 WP(C).No. 17360 of 2011(T) ---------------------------------- PETITIONER(S): -------------------- 1. AJITH KUMAR.K.B, S/O.BHARATHAN, AGED 50 YEARS, GREEN VALLEY-10, KUDILTHODU JUNCTION, POST CHEVARAMBALAM, KOZHIKODE DISTRICT. 2. RAJASHREE.P., D/O.KUMARAN.P, AGED 46 YEARS, GREEN VALLEY-10, KUDILTHODU JUNCTION, POST CHEVARAMBALAM, KOZHIKODE DISTRICT. BY ADVS. SRI.V.T.MADHAVANUNNI SRI.V.A.SATHEESH RESPONDENT(S): -------------------- PUNJAB NATIONAL BANK, REPRESENTED BY ITS CHIEF MANAGER, (AUTHORISED OFFICER), CIRCLE OFFICE, SHATHABDI BHAVAN, MINI BYPASS ROAD, GOVINDAPURAM, KOZHIKODE DISTRICT-673 021. BY ADV. SRI.C.AJITH KUMAR, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 28/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: svs W.P.(C). NO. 17360/2011 APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF THE NOTICE U/S 13 (2) OF THE SARFAESI ACT DATED 24/01/2011 ISSUED BY THE RESPONDENT TO THE PETITIONERS. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A. TO JUDGE. svs S.SIRI JAGAN, J. ================== W.P.(C).No. 17360 of 2011 ================== Dated this the 28th 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 respondent for recovery of the 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 stoutly opposed by the learned counsel for the bank. He points out that this is a second time that the loan account became N.P.A. and, therefore, it is obvious that the petitioners have no intention to pay off the loan amounts. 3. Having heard both sides, I am of opinion that some more leniency can be shown to the petitioners in the matter of paying off the balance amounts in instalments. Accordingly, this writ petition is disposed of with the following directions: The petitioners shall pay the balance amount due in eight 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 w.p.c.17360/11 2 in abeyance. However, if the petitioners commit default in payment of any of the instalments, it would be open to the respondent 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