IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 1ST DECEMBER 2011 / 10TH AGRAHAYANA 1933 WP(C).No. 4794 of 2010(Y) ------------------------------------ PETITIONER(S): --------------------- JAYAPRAKASH.C., AGED 43 YEARS, S/O.LATE CHELLAPPAN, `KAIRALI', ERICKAVU P.O., KARTHIKAPPALLY, ALLEPPEY. BY ADVS. SRI.T.SETHUMADHAVAN SRI.KODOTH PUSHPARAJAN SRI.K.JAYESH MOHANKUMAR SMT.VANDANA MENON SMT.ANJU P.NAIR RESPONDENT(S): ------------------------- 1. THE REGIONAL MANAGER, KERALA STATE CO-OPERATIVE BANK, ZONAL OFFICE, ERNAKULAM-682 005. 2. BRANCH MANAGER, KERALA STATE CO-OPERATIVE BANK, ALAPPUZHA. R1, R2 BY ADV. SRI.NAGARAJ NARAYANAN,SC,KERALA STATE CO-OPERATIVE BANK THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 01/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: DG WP(C).No. 4794 of 2010(Y) APPENDIX PETITIONERS'S EXHIBITS EXT. P1 - COPY OF THE NOTICE DATED 21.10.2008 ISSUED BY THE 1ST RESPONDENT. EXT. P2 - COPY OF THE RECEIPT ISSUED BY THE RESPONDENTS BANK FOR RECEIVING AN AMOUNT OF RS.2,68,620/- ON 12.11.2008 FROM THE PETITIONER. EXT. P3 - COPY OF THE RECEIPT ISSUED BY THE RESPONDENTS BANK FOR RECEIVING AN AMOUNT OF RS.15,000/- ON 29.9.2009 FROM THE PETITIONER. EXT. P4 - COPY OF THE RECEIPT ISSUED BY THE RESPONDENTS BANK FOR RECEIVING AN AMOUNT OF RS.25,000/- ON 30.11.2009 FROM THE PETITIONER. EXT. P5 - COPY OF THE AUCTION SALE NOTICE DATED 21.1.2010 ISSUED BY THE 1ST RESPONDENT TO THE PETITIONER. EXT. P6 - COPY OF THE AUCTION SALE NOTICE DATED 15.1.2010 ISSUED BY THE 2ND RESPONDENT TO THE PETITIONER. EXT. P1 - COPY OF THE NOTICE DATED 18.11.2011 ISSUED BY THE 1ST RESPONDENT. RESPONDENT'S EXHIBITS - NIL /TRUE COPY/ P.A. TO JUDGE DG S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 4794 of 2010 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 1st day of December, 2011. J U D G M E N T The petitioner challenges proceedings under the Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 initiated by the respondents for recovery of the loan amounts due from the petitioner to the respondents . 2. At the time of admission, this Court passed the following interim order on 15.2.2010: “The sale, scheduled to be held on 18.02.2010, shall be subject to further orders from this Court, on condition that the petitioner deposits a sum of Rs. 50,000/- (rupees fifty thousand only) within one week and a further sum of Rs. 50,000/- (rupees fifty thousand) within one week thereafter.” The petitioner submits that the petitioner has paid the amounts covered by the interim order and a further amount of Rs. 75,000/- . The petitioner submits that the petitioner is ready to pay the balance amounts in instalments. This is opposed by the counsel for the respondents . 2. Having heard both sides, I dispose of this writ petition with the following directions: The respondents shall permit the petitioner to pay the balance amounts in six equal monthly instalments starting from 2.1.2012. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the amounts on the due dates without default, further coercive W.P(C) No. 4794 of 2010 -: 2 :- recovery proceedings shall be kept in abeyance. However, if the petitioner commits default in complying with the above directions or in paying any one instalment, 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/- S. Siri Jagan, Judge. Tds/