IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 22ND DECEMBER 2011 / 1ST POUSHA 1933 WP(C).No. 34684 of 2011(I) -------------------------- PETITIONER : ---------- UNNIKRISHNAN R., S/O. RAGHAVAN, KOTTAKKATTU, PONAKAM MURI, MAVELIKKARA. BY ADV. SRI. K.SHAJ SRI. SAJJU.S RESPONDENTS : ----------- 1. THE STATE BANK OF TRAVANCORE, MAVELIKKARA MAIN BRANCH, MAVELIKKARA - 690 101, ALAPPUZHA DISTRICT, REPRESENTED BY ITS AUTHORISED OFFICER - 690 006. 2. THE BRANCH MANAGER, THE STATE BANK OF TRAVANCORE, MAVELIKKARA BRANCH, MAVELIKKARA - 690 101. BY ADV. SRI. SATHISH NINAN SRI. SANTHOSH MATHEW THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: SP WP(C).No. 34684 of 2011(I) APPENDIX PETITIONER'S EXHIBITS:- 1. EXT. P1 - COPY OF NOTICE UNDER SECTION 13(2) OF THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 DATED 04/08/2011 ISSUED BY THE 1ST RESPONDENT. 2. EXT. P2 - COPY OF NOTICE UNDER SECTION 13(4) OF THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 DATED 24/11/2011 ISSUED BY THE 1ST RESPONDENT. RESPONDENTS' EXHIBITS:- NIL //TRUE COPY// P.A. TO JUDGE. SP S.SIRI JAGAN, J. ================== W.P.(C).No. 34684 of 2011 ================== Dated this the 22nd day of December, 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, initiated by the respondents for recovery of loan amounts defaulted by the petitioner. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks 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 petitioner shall pay the balance amounts due in ten 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 instalments on the due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits 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. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge - : 2 :-