IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 9TH NOVEMBER 2009 / 18TH KARTHIKA 1931 WP(C).No. 17765 of 2008(M) ------------------------------------- PETITIONER(S): --------------- HAMSA HAJI.K.,S/O MOHAMMED HAJI, KUNNATH HOUSE,THIRURKAD POST. BY ADV. MR.K.MUHAMMED SALAHUDHEEN RESPONDENT(S): --------------- 1. THE MALAPPURAM DISTRICT CO-OPERATIVE BANK LTD., HEAD OFFICE, MALAPPURAM, REPRESENTED BY ITS GENERAL MANAGER. 2. THE AUTHERISED OFFICER (GENERAL MANAGER) MALAPPURAM DISTRICT CO-OPERATIVE BANK LTD., MALAPPURAM. BY ADV. MR.V.KRISHNA MENON FOR R1,2 SMT.VALSAMMA STEPHEN SMT.UMA GOPINATH FOR R1,2 SMT. P. VIJAYAMMA THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 09/11/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 17765 of 2008(M) APPENDIX PETITIONER'S EXHIBITS: EXT.P1 - TRUE COPY OF NOTICE ISSUED TO THE PETITINER UNDER SEC.13(2) OF THE ACT, DT. 20.9.2007. EXT.P2 - TRUE COPY OF REPRESENTATION SUBMITTED BY THE PETITIONER BEFORE THE 1ST RESPONDENT, DTD. EXT.P3 - TRUE COPY OF THE POSSESSION NOTICE ISSUED BY THE RESPONDENT DATED 11.3.2008. // TRUE COPY // PA TO JUDGE rhs S. SIRI JAGAN, J ............................................... W.P(C) No. 17765 of 2008 ................................................. Dated this the 9th day of November, 2009 J U D G M E N T The petitioner is a defaulter in repayment of loan amounts due from the petitioner to the 1st respondent bank. The bank has initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for coercive recovery. The petitioner now confines his relief for a direction to the 1st respondent to permit the petitioner to pay off the balance amounts due in installments. The petitioner submits that the petitioner has already deposited Rs.50,000/- as directed by this court in the interim order dated 13.6.2008. 2. The learned counsel for the bank opposes the prayers. It is submitted by the learned counsel for the 1st respondent that as on 7.11.2009, the balance amount due even after adjusting the payment of Rs.50,000/- is Rs.2, 84, 106/-. 3. I have heard both sides. 4. In the facts and circumstances of the case, I feel that the 1st respondent can permit the petitioner to pay off the balance amounts in installments. W.P(C) No. 17765 of 2008 -2- Accordingly, the writ petition is disposed of with a direction to the 1st respondent to permit the petitioner to pay off the balance amounts due in ten equal monthly installments starting from 1.12.2009. Every subsequent installment shall be paid on the first working day of the every succeeding month. Proportionate interest is also be payable by the petitioner in respect of outstanding amounts after adjusting instalment payments, till final payment. If the petitioner pays installments on due dates, without default, further coercive proceedings pursuant to the impugned orders shall be kept in abeyance. However, if the petitioner commits default in payment of any one installment, 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. It would be open to the petitioner to file a representation before the 1st respondent for appropriate remissions in interest, which would be considered in accordance with law by the 1st respondent. S. SIRI JAGAN, JUDGE rhs