IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 16TH DECEMBER 2011 / 25TH AGRAHAYANA 1933 WP(C).No. 33772 of 2011(V) -------------------------------------- PETITIONERS : ---------------------- 1. APPUKUTTAN, AGED 80, S/O.THATTANVEETTIL KUNJAN, PANANGATUKARA DESOM, THEKUMKARA VILLAGE, TALAPPILLY TALUK. 2. RADHA, AGED 75, W/O.APPUKUTTAN, PANANGATUKARA DESOM, THEKUMKARA VILLAGE, TALAPPILLY TALUK. BY ADVS. SRI.G.SREEKUMAR (CHELUR) SMT.PREETHY KARUNAKARAN SRI.K.RAVI (PARIYARATH) RESPONDENTS : ------------------------ 1. THE THRISSUR DISTRICT CO-OPERATIVE BANK LTD., HEAD OFFICE SAHAKARANA SATHABDI MANDIRAM, KOVILAKATHUMPADAM, THRISSUR, REP. BY ITS MANAGER, PIN-680 022. 2. AUTHORISED OFFICER, THRISSUR DISTRICT CO-OPERATIVE BANK LTD., HEAD OFFICE SAHAKARANA SATHABDI MANDIRAM, KOVILAKATHUMPADAM, THRISSUR- 680 022. BY GOVERNMENT PLEADER SRI. S. JAMAL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 16/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: DSV/- WP(C).No. 33772 of 2011(V) APPENDIX PETITIONER'S EXHIBITS: EXHIBIT P1- COPY OF THE SECTION 13 (2) NOTICE SERVED ON THE PETITIONERS DATED 30.05.2011. EXHIBIT P2- COPY OF THE REPLY GIVEN BY THE PETITIONERS DATED 10.10.2011. EXHIBIT P3- COPY OF THE REPLY BY THE SECOND RESPONDENT DATED 21.10.2011. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A. TO JUDGE DSV/- S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 33772 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 16th day of December, 2011. J U D G M E N T The petitioners are 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 petitioners do not dispute the liability or the quantum. The petitioners only seek 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 petitioners shall pay the amounts demanded in six equal monthly instalments starting from 20.1.2012. Every subsequent instalment shall be paid on the first working day after 19.1.2012 of every succeeding month. If the petitioners pay the instalment amount on due dates without default, further coercive recovery proceedings shall be kept in abeyance. However, if the petitioners commit default in payment of 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/