IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 20TH DECEMBER 2011 / 29TH AGRAHAYANA 1933 WP(C).No. 34026 of 2011(C) ----------------------------------------- PETITIONER(S): ------------------------ JAYAKUMAR.C., AGED 34 YEARS, S/O.M.N.CHITHAMBARAM ACHARI, RESIDING AT 'PRANAVAM”, ELANTHUR, PARIYARAM PO, PATHANAMTHITTA DISTRICT. BY ADVS. SRI.T.R.RAVI, SRI.JAWAHAR JOSE, SMT.CISSY MATHEWS. RESPONDENT(S): -------------------------- 1. THE CORPORATION BANK, REPRESENTED BY ITS CHAIRMAN, MANGLORE, KARNATAKA STATE - PIN - 575 001. 2. THE BRANCH MANAGER, CORPORATION BANK, MEZHUVELI BRANCH, PATHANAMTHITTA DISTRICT - 689 507. R1 & R2 BY ADV. SRI.N.RAJAGOPALAN NAIR, SC, CORPORATION BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 20/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss WPC.NO.34026/2011 C APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF NOTICE UNDER SECTION 13 (2) OF THE SARFAESI ACT. P2: COPY OF THE REPLY GIVEN BY THE PETITIONER TO EXHIBIT P1 NOTICE. P3: COPY OF THE REPLY GIVEN BY THE 2ND RESPONDENT TO EXHIBIT P2 NOTICE. RESPONDENT'S EXHIBITS: N I L /TRUE COPY/ P.A.TO JUDGE Kss S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.34026 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 20th day of December, 2011 J U D G M E N T The petitioner is aggrieved by the proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) initiated by the respondents for recovery of defaulted loan amounts. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amount in instalments. 2. This is opposed by the learned counsel for the Bank. 3. Having heard both sides, I am of opinion that the respondents can show some more leniency to the petitioner in the matter of payment of the balance amount due in instalments. Accordingly, this writ petition is disposed of with a direction to the respondents to permit the petitioner to pay off the balance amount due in 8 (eight) equal monthly instalments starting from 02.01.2012. Every subsequent W.P.(C)No.34026 of 2011 -2- 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 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. Sd/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/