IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 22ND JULY 2011 / 31ST ASHADHA 1933 WP(C).No. 18461 of 2011(G) ---------------------------------- PETITIONER(S): ------------------- RAJAN, S/O.NARAYANAN, INCHIPULLIKADAN HOUSE, P.O.ANNANAD, CHALAKKUDY, KERALA STATE. BY ADV. SMT.VINEETHA B. RESPONDENT(S): --------------------- 1. THE PUNJAB NATIONAL BANK, REPRESENTED BY ITS AUTHORISED OFFICER, UNDER THE SARFAESI ACT, PUNJAB NATIONAL BANK, GURUVAYOOR, THRISSUR DISTRICT - 680 001. 2. THE MANAGER, PUNJAB NATIONAL BANK, GURUVAYOOR, THRISSUR DISTRICT - 680 001. R1 & 2 BY ADVS. SRI.K.P.SUDHEER SMT.N.P.ASHA THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 22/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: svs W.P.(C). NO. 18461/2011 APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF THE LAWYER'S NOTICE ISSUED TO THE PETITIONER FROM THE COUNSEL FOR THE BANK DATED 25/07/2009. P2: COPY OF THE REPRESENTATION SUBMITTED BY THE PETITIONER BEFORE THE 2ND RESPONDENT DATED 14/08/2008. P3: COPY COF THE MEMORANDUM OF WRIT PETITION WPC.NO.27592/09. P3(a):COPY OF THE COUNTER AFFIDAVIT FILED BY THE RESPONDENTS IN WPC.NO.27592/2009. P4: COPY OF THE JUDGMENT IN WPC.NO.27592/2009 DATED 06/09/2010 P5: COPY OF THE ORDER IN CRL.MP. NO.2808/2011 ON THE FILES OF THE CHIEF JUDICIAL MAGISTRATE COURT, THRISSUR DATED 03/06/2011. P6: COPY OF THE APPLICATION SUBMITTED BY THE PETITIONER BEFORE THE CHIEF JUDICIAL MAGISTRATE COURT, THRISSUR. RESPONDENT'S EXHIBITS: R1(a):COPY OF POSSESSION NOTICE DATED 27/02/2010 ISSUED BY THE BANK. R1(b):COPY OF POSSESSION NOTICE PUBLISHED BY THE BANK IN NEW INDIAN EXPRESS DAILY DATED 02/03/2010. R1(c):COPY OF POSSESSION NOTICE PUBLISHED BY THE BANK IN MADHYAMAM DAILY DATED 02/03/2010. R1(d):COPY OF CRL.MP.NO.2808/2011 DATED 17/03/2011 FILED BY THE BANK BEFORE THE CHIEF JUDICIAL MAGISTRATE COURT, THRISSUR. R1(e):COPY OF LAWYER NOTICE DATED 09/04/2010 ISSUED ON BEHALF OF THE PETITIONER TO THE BANK. R1(f):COPY OF REPLY LAWYER NOTICE DATED 06/05/2010 ISSUED ON BEHALF OF THE BANK. /TRUE COPY/ P.A. TO JUDGE. svs S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 18461 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 22nd day of July, 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 due from the petitioner to the respondents. The petitioner does not dispute the liability or the quantum. The petitioner only seeks facility to pay off the amount in instalments. This is opposed by the counsel for the bank. 2. Having heard both sides, I dispose of this writ petition with the following directions: The respondents shall permit the petitioner to pay off the balance amounts due in 5 equal monthly instalments starting from 1.9.2011. Every subsequent instalment shall be paid on the first working day of succeeding month. If the petitioner pays the amount 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/