IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 8TH DECEMBER 2011 / 17TH AGRAHAYANA 1933 WP(C).No. 32736 of 2011(N) --------------------------------------- PETITIONER(S): -------------------------- ASHOK KUMAR.P.V, S/O.VASU, AGED 50 YEARS, POKKATHARAKALAM HOUSE, CHANDIROOR P.O., ALAPPUZHA. BY ADV. SRI.DENIZEN KOMATH SRI.SHERRY J THOMAS RESPONDENT(S): ------------------------- 1. CANARA BANK, REPRESENTED BY ITS MANAGER & PRINCIPAL OFFICER, BANERJI ROAD BRANCH, BANERJI ROAD, ERNAKULAM. 2. THE AUTHORIZED OFFICER, CANARA BANK, BANERJI ROAD, ERNAKULAM. BY ADV. SRI. GOPINATHAN MENON, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 08/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss W.P.(C) NO.32736/2011 APPENDIX PETITIONER(S) EXHIBITS P1:-PHOTO COPY OF THE NOTICE DATED 9.5.2011 ISSUED BY THE IST RESPONDENT TO THE PETITIONER. P2:- PHOTOCOPY OF THE POSSESSION NOTICE ISSUED BY THE 2ND RESPONDENT TO THE PETITIONER DATED 21.5.2011. P3:- PHOTOCOPY OF THE SUIT FILED BEFORE THE SUB COURT ERNAKULAM AS OS NO.443 OF 2011. P4:- PHOTOCOPY OF THE WRITTEN STATEMENT FILED BY THE PETITIONER IN OS NO.443 OF 2011. P5:- PHOTOCOPY OF THE PUBLIC AUCTION NOTICE PUBLISHED IN THE MATHRUBHUMI DAILY DATED 19.11.2011. RESPONDENTS' EXHIBITS NIL:- TRUE COPY P.S. TO JUDGE tss S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 32736 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 8th day of December, 2011. J U D G M E N T The petitioner is challenging proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 initiated by the respondents for recovery of defaulted loan amounts. The petitioner does not dispute the liability or quantum. The petitioner only seeks a facility to pay the amounts in instalments. This is opposed by the counsel for the bank. However, taking a lenient view, I dispose of this writ petition with the following directions: The petitioner shall pay the amounts demanded in six monthly instalments starting from 2.1.2012. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the amounts on the due dates 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/