IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 18TH JULY 2011 / 27TH ASHADHA 1933 WP(C).No. 19476 of 2011(H) -------------------------------------- PETITIONER(S): ----------------------- NAZARUDEEN, PROPRIETOR, M/S.LULU FANCY, LINK ROAD, KAYAMKULAM. BY ADV. SRI.R.SUNIL KUMAR, SMT.A.SALINI LAL. RESPONDENT(S): -------------------------- 1. THE AUTHORIZED OFFICER, STATE BANK OF INDIA, KAYAMKULAM BRANCH, P.B.NO.32, NELSON BLDG., KAYAMKULAM, PIN-690 513. 2. STATE BANK OF INDIA, KAYAMKULAM BRANCH, REP. BY ITS BRANCH MANAGER, P.B.NO.32, NELSON BLDG, KAYAMKULAM, PIN-690 513. 3. STATE BANK OF INDIA, REP. BY ITS CHIEF MANAGER, REGIONAL BUSINESS OFFICE, ALAPPUZHA, PIN-688 001. R1 TO R3 BY ADV. MR.P.V. SURENDRANATH, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/07/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: rs WP(C).No. 19476 of 2011(H) APPENDIX PETITIONER'S EXHIBITS: EXT.P1: COPY OF THE LETTER ISSUED BY THE COMMISSIONER IN C.M.P. NO.4630/11 BEFORE THE C.J.M., KOLLAM. RESPONDENT'S EXHIBITS: NIL. //TRUE COPY// P.S. TO JUDGE rs S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 19476 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 18th day of July, 2011. J U D G M E N T The petitioner challenges proceedings initiated by the respondent under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security interest Act, 2002 for recovery of loan amounts due from the petitioner to the respondents. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amounts in instalments. This is opposed by the standing counsel for the respondents. Having heard both sides, I dispose of this writ petition with the following directions. The petitioner shall pay the balance amounts due under the loan in question in 7 equal monthly instalments starting from 1.8.2011. Every subsequent instalment shall be paid on the first working day of succeeding month. If the petitioner pays the amount 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 respondent to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Sd/- S. Siri Jagan, Judge. Tds/