IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 17TH OCTOBER 2011 / 25TH ASWINA 1933 WP(C).No. 27134 of 2011(N) ---------------------------------- PETITIONER(S): ------------------- M/S. SREE BHADRA PARKS & RESORTS LTD., XXVII/480, SAI KIRAN, MUSEUM ROAD, CHEMBUKKAVU P.O., THRISSUR, REP. BY MANAGING DIRECTOR K.N.NARAYANAN NAMBOODIRIPAD,AGED 50 YEARS, S/O.NARAYANAN NAMBOODIRIPAD,LAKSHMI APARTMENTS, KUNNATH LANE,THIRUVAMBADI P.O., THRISSUR. BY ADV. SRI.P.V.GEORGE(PUTHIYIDAM) RESPONDENT(S): -------------------- 1. THE FEDERAL BANK LTD., REPRESENTED BY BRANCH MANAGER, THRISSUR MAIN BRANCH, ANJALI COMPLEX, ROUND NORTH, THRISSUR-680 001. 2. THE AUTHORISED OFFICER, FEDERAL BANK LTD., THRISSUR MAIN BRANCH, ANJALI COMPLEX, ROUND NORTH, THRISSUR-680 001. R1 & 2 BY ADV. SRI.GEORGE VARGHESE (MANACHIRACKEL) SRI.T.S. NARAYANAN SMT.LIZA P.CHERIAN THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 17/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: svs W.P.(C). NO. 27134/2011 APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF THE SARFAESI ACT NOTICE DATED 01/02/2011 ISSUED UNDER SECTION 13 (2). P2: COPY OF THE NOTICE DATED 10/10/2011 AFFIXED AT THE AMUSEMENT PARK ON 12/10/2011 UNDER SECTION 13 (4) OF THE SARFAESI ACT. P3: COPY OF THE NOTICE DATED 11/10/2011 AFFIXED AT ERNAKULAM PROPERTY ON 12/10/2011 ISSUED UNDER SECTION 13(4) OF THE SARFAESI ACT. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A. TO JUDGE. svs S.SIRI JAGAN, J. ================== W.P.(C).No. 27134 of 2011 ================== Dated this the 17 th day of October, 2011 J U D G M E N T The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, initiated by the respondent for recovery of loan amounts defaulted by the petitioner. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amounts due in instalments. 2. This is opposed by the learned counsel for the bank. 3. However, taking a lenient view, I dispose of this writ petition with the following directions; The petitioner shall pay the balance amounts due in five equal monthly instalments starting from 1.12.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the instalments on the due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of any 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. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge - : 2 :-