IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE K.SURENDRA MOHAN FRIDAY, THE 6TH MAY 2011 / 16TH VAISAKHA 1933 WP(C).No. 12946 of 2011(P) --------------------------------- PETITIONER(S): --------------- A.MUHAMMED RAFI, PROPRIETOR, M/S.A.R.MARBLES & GRANITES, THAHIRA MANZIL, CHATHINAMKULAM, CHANDANATHOPE, KOLLAM. BY ADV. SRI.DILEEP P.PILLAI RESPONDENT(S): --------------- THE CHIEF MANAGER & AUTHORISED OFFICER, UCO BANK, BEACH ROAD, KOLLAM-691 001. ADV.MR. KODOTH SREEDHARAN - SC THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 06/05/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 12946 of 2011 APPENDIX PETITIONER'S EXHIBITS EXT.P1: COPY OF STATEMENT OF ACCOUNTS DTD 21.3.2011 ISSUED BY THE RESPONDENT BANK. EXT.P2: COPY OF THE NOTICE DTD 11/2/2011 ISSUED BY THE RESPONDENT BANK. TRUE COPY PA TO JUDGE. K. SURENDRA MOHAN, J. ----------------------------------- W.P.(C) No.12946 OF 2011 --------------------------------------- Dated this the 6th day of May, 2011 JUDGMENT The petitioner has filed this writ petition challenging the proceedings for recovery of loan initiated by the respondent. The petitioner had taken a loan from the respondent bank. However, due to various reasons, he was not in a position to pay the repayment instalments regularly. Therefore, the repayment has been defaulted. The bank has initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement Interest Act against the petitioner and by Ext.P2, is proposing to take possession of the property. The learned counsel for the petitioner points out that even after issue of the notice, the petitioner has paid an amount of Rs.75 lakhs, which demonstrates his bonafides to repay the amount. Therefore, he seeks instalment facility for paying the entire amount. 2. Adv. Sri. Kodoth Sreedharan, who appears for the respondent, submits that the total amount due works out to more than a crore of rupees even after giving credit for the amounts W.P.(C)No.12946/11 2 already paid. Therefore, the balance payment may be directed to paid in a month. In view of the fact that the petitioner has already paid a substantial amount, I am of the view that the petitioner can be given a chance to repay the entire amount. Therefore, this writ petition is disposed of with a direction to the petitioner to pay an amount of Rs.25 lakhs to the respondent on or before 30.5.2011. The entire balance amount remaining in default shall be paid by the petitioner in four equal monthly instalments thereafter commencing from 30.6.2011. The subsequent monthly instalments shall become payable on the 30th of each subsequent month thereafter. Pending payment of the defaulted amount in accordance with the stipulations made above, all further action for recovery of the defaulted amount by the respondent shall remain stayed. It is made clear that in the event of the petitioner committing default in payment of any of the instalments, the bank shall be free to proceed with action for recovery of the amounts due in accordance with law. K. SURENDRA MOHAN, JUDGE acd W.P.(C)No.12946/11 3 W.P.(C)No.12946/11 4