IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 14TH JULY 2011 / 23RD ASHADHA 1933 WP(C).No. 12930 of 2011(M) ----------------------- PETITIONER(S): ----------------------- 1. BIJIMOL S., AGED 36 YEARS, W/O.SHYLAKUMAR, VIJI BHAVAN, PUNNAPRA NORTH P.O., ALAPPUZHA. 2. SULOCHANA, VIJI BHAVAN, PUNNAPRA NORTH P.O., ALAPPUZHA. 3. SHYLAKUMAR, POURNAMI, VANDANA, (PRESENTLY RESIDING AT VIJI BHAVAN, PUNNAPRA NORTH P.O., ALAPPUZHA). BY ADVS. SRI. S. SANAL KUMAR SMT.BHAVANA VELAYUDHAN SMT.T.J.SEEMA RESPONDENT(S): ------------------------- 1. ALAPPUZHA DISTRICT CO-OPERATIVE BANK LTD REPRESENTED BY ITS CHIEF EXECUTIVE OFFICER, HEAD OFFICE, ALAPPUZHA - 688 001. 2. AUTHORIZED OFFICER, ALAPPUZHA DISTRICT CO-OPERATIVE BANK LTD., ALAPPUZHA - 688 001. R1 & R2 BY ADV. SRI.P.K.VIJAYAMOHANAN, SC THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 14/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Mn ...2/- WP(C).No. 12930 of 2011(M) APPENDIX PETITIONER'S EXHIBITS: EXT.P1 : COPY OF THE 13(2) NOTICE ISSUED UNDER THE SARFEASI ACT AS ON 19.06.2010. EXT.P2 : COPY OF THE 13(2) NOTICE ISSUED UNDER THE SARFEASI ACT AS ON 27.05.2010. EXT.P3 : COPY OF THE NOTICE ISSUED UNDER THE SARFEASI ACT AS ON 20.04.2011. RESPONDENT'S EXHIBITS - NIL //TRUE COPY// P.A. TO JUDGE Mn S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.12930 OF 2011 ---------------------------------------------- Dated this the 14th day of July, 2011 JUDGMENT The petitioners are challenging proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondents for recovery of loan amounts due from the petitioners to the respondents. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek facility to pay off the amounts in instalments. 2. This is opposed by the learned counsel for the bank. 3. Having heard both sides, I dispose of this writ petition with the following directions: The petitioners shall pay the balance amount due in twelve equal monthly instalments starting from 1.8.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioners pay the instalments on due dates without default, further proceedings under the Act shall W.P.(C)No.12930/11 2 be kept in abeyance. However, if the petitioners commit 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 that regard. S. SIRI JAGAN, JUDGE acd W.P.(C)No.12930/11 3