IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 14TH DECEMBER 2011 / 23RD AGRAHAYANA 1933 WP(C).No. 24782 of 2011(W) ------------------------------------ PETITIONER: ------------------ SIVANANDAN D, S/O.LATE DAMODARAN AGED 67 YEARS, PUTHUKATTUKALAM, NEERKUNNAM, VANDANAM POST, ALAPPUZHA 688 005. BY ADV. SMT.T.D.RAJALAKSHMI RESPONDENTS: --------------------- 1. THE ALAPPUZHA URBAN CO -OPERATIVE BANK LTD, A 67 CULLEN ROAD, ALAPPUZHA 688 011 REPRESENTED BY ITS SECRETARY. 2. THE AUTHORISED OFFICER THE ALAPPUZHA URBAN CO -OPERATIVE BANK LTD, A 67 CULLEN ROAD, ALAPPUZHA 688 011 . R1 BY ADV. SMT.I.SHEELA DEVI THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 14/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: JM WPC NO. 24782 OF 2011 APPENDIX PETITIONER'S EXHIBITS: P1: PHOTOCOPY OF NOTICE DT. 25.8.2011 ISSUED UNDER PROVISIONS OF SARFAESE ACT. \\TRUE COPY\\ PA TO JUDGE JM S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 24782 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 14th day of December, 2011. J U D G M E N T The petitioner is challenging proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 initiated by the respondents for recovery of defaulted loan amounts. The petitioner does not dispute the liability or quantum. The petitioner only seeks facility to pay the amounts in instalments. This is opposed by the counsel for the bank. However, taking a lenient view, I dispose of this writ petition with the following directions: The petitioner shall pay the amounts demanded in eight 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 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/