IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 30TH SEPTEMBER 2011 / 8TH ASWINA 1933 WP(C).No. 35020 of 2010(B) -------------------------------------- CMP.3249/2010 of C.J.M.,KOZHIKODE .................... PETITIONER(S): ------------------------ 1. NARENDRAN K., S/O.KUNHIRAMAN, AGED 48 YEARS, 'HARITHAKAM', THIRUVODU P.O., NADUVANNUR VIA., KOZHIKODE, PIN - 673 614. 2. BINDU K.P., W/O.NARENDRAN K., 'HARITHAKAM', THIRUVODU P.O., NADUVANNUR VIA., KOZHIKODE, PIN - 673 614. BY ADV. SRI.BABU JOSEPH KURUVATHAZHA SRI.K.I.SAGEER RESPONDENT(S): ------------------------- AIG HOME FINANCE INDIA LTD., YMCA ROAD, KOZHIKODE - 1, REPRESENTED BY ITS MANAGER. R1 BY ADV. SRI.RAJESH THOMAS THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 30/09/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss W.P.(C) NO.35020/2010 APPENDIX PETITIONER'S EXHIBITS P1:- COPY OF THE LETTER DTD. 18.4.2007 ISSUED BY THE RESPONDENT. P2:- COPY OF THE ORDER DTD. 21.10.2010 IN CMP.3249/2010 OF THE LEARNED CHIEF JUDICIAL MAGISTRATE COURT, KOZHIKODE. P3:- COPY OF THE REPRESENTATION DTD 1.11.2010 SUBMITTED BY THE PETITIONERS BEFORE THE RESPONDENT. P4:- COPY OF THE REPRESENTATION DTD 15.11.2010 SUBMITTED BY THE PETITIONERS BEFORE THE RESPONDENT. RESPONDENT'S EXHIBITS NIL:- TRUE COPY P.A. TO JUDGE tss S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.35020 OF 2010 ---------------------------------------------- Dated this the 30th day of September, 2011 JUDGMENT The petitioners challenge proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondent bank for recovery of the loan amounts due from the petitioners to the respondent bank. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek facility to pay off the amounts due instalments. 2. This is opposed by the learned counsel for the bank. However, taking a lenient view, I dispose of this writ petition with the following directions: The respondent shall permit the petitioners to pay off the balance amount due in ten equal monthly instalments starting from 1.11.2011. 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, W.P.(C)No.35020/10 2 further proceedings under the Act shall be kept in abeyance. However, if the petitioners commit default in payment of any one of the instalments, it would be open to the respondent 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.35020/10 3