IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN SATURDAY, THE 20TH AUGUST 2011 / 29TH SRAVANA 1933 WP(C).No. 19087 of 2011(I) ------------------------------------- PETITIONER: ------------------- P.S.KOCHUMON, AGED 76 YEARS, S/O.SANKARAN, PARANGODATH HOUSE, P.O.NEDUPUZHA, THRISSUR. BY ADV. SMT.MARY BEENA JOSEPH. RESPONDENTS: ------------------------ 1. THE MANAGER, PUNJAB NATIONAL BANK, GURUVAYOOR BRANCH, THRISUR-680 101. 2. THE CHIEF MANAGER AND AUTHORISED OFFICER PUNJAB NATIONAL BANK, CIRCLE OFFICE, 2ND FLOOR, 14/461, MARKET ROAD, ERNAKULAM-682 011. R1 & R2 BY SRI. K.P.SUDHEER, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 20/08/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C). NO.19087/2011-I: APPENDIX PETITIONERS' EXHIBITS: EXT.P.1: COPY OF THE NOTICE DTD. 30/09/2010. EXT.P.2: COPY OF THE NOTICE DTD. 22/11/2010. EXT.P.3: COPY OF THE ORDER DTD. 03/06/2011. RESPONDENTS' EXHIBITS: NIL. //TRUE COPY// P.A. TO JUDGE. Prv. S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.19087 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 18th day of July, 2011 J U D G M E N T The petitioner is aggrieved by the proceedings under the Securitization 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 10 (ten) equal monthly instalments starting from 01.09.2011. Every subsequent W.P.(C)No.19087 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. The respondents shall permit the petitioner to take out the movables belonging to the petitioner inside the building taken possession by the respondents in the presence of the Advocate Commissioner appointed by the Chief Judicial Magistrate under proper inventory and acknowledgment. The respondents shall furnish the petitioner with a statement of accounts within two weeks. Sd/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/