IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 7TH SEPTEMBER 2011 / 16TH BHADRA 1933 WP(C).No. 24670 of 2011(G) -------------------------- PETITIONER(S): --------------- P.R.VENU, S/O.RAMACHANDRAN, KALATHIL HOUSE, KADAKARAPALLY P.O., CHERTHALA, ALAPPUZHA. BY ADV. SRI.SUNIL V.MOHAMMED RESPONDENT(S): --------------- 1. THE CHIEF MANAGER & AUTHORISED OFFICER, STATE BANK OF INDIA, REGIONAL BUSINESS OFFICE, BEACH ROAD, ALAPPUZHA-688001. 2. THE BRANCH MANAGER, STATE BANK OF INDIA, ARTHUNGAL BRANCH, ALAPPUZHA DISTRICT-688530. ADV. SRI. C.K. GOVINDAN - GOVT. PLEADER. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 07/09/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 24670 of 2011(G) APPENDIX PETITIONER(S) EXHIBITS EXT.P1 TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER APPOINTED BY THE CHIEF JUDICIAL MAGISTRATE COURT, ALAPPUZHA. EXT.P2 TRUE COPY OF THE NOTICE DATED 22/7/2011 UNDER SECTION 13(4) OF the SARFAESI ACT, R/W.RULE 9 OF THE RULES ISSUED BY THE IST RESPONDENT. RESPONDENTS' EXHIBITS: NIL TRUE COPY PA TO JUDGE. acd S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.24670 OF 2011 ---------------------------------------------- Dated this the 7th day of September, 2011 JUDGMENT The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondents for recovery of the loan amounts due from the petitioner to the respondents. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks 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 respondents shall permit the petitioner to pay off the balance amount due in ten equal monthly instalments starting from 1.10.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the instalments on due dates without default, further proceedings under the Act shall be kept in abeyance. However, if W.P.(C)No.24670/11 2 the petitioner commits default in payment of any one 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. On payment of the 1st instalment, the petitioner shall be allowed to reside in the house in the property. But, the possession of the property shall continue with the bank. S. SIRI JAGAN, JUDGE acd W.P.(C)No.24670/11 3