IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 1ST SEPTEMBER 2011 / 10TH BHADRA 1933 WP(C).No. 19854 of 2011(F) --------------------------------- PETITIONER(S): --------------- 1. BIJULAL, S/O.M.GOPALAN, LAL NIVAS, NEAR KURUSADY, PUNUKKUNNOOR, PERUMPUZHA P.O., KOLLAM. 2. BINDU J., LAL NIVAS, NEAR KURUSADY, PERUMPUZHA P.O., KOLLAM. BY ADV. SRI.K.V.ANIL KUMAR RESPONDENT(S): --------------- 1. STATE BANK OF TRAVANCORE REPRESENTED BY ITS BRANCH MANAGER, KUNDRA BRANCH KOLLAM. 2. THE AUTHORISED OFFICER, CHIEF MANAGER SBT, KUNDRA BRANCH, KOLLAM. ADV. SRI. R.S. KALKURA - SC THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 01/09/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 19854 of 2011(F) APPENDIX PETITIONER'S EXHIBITS EXT.P1: COPY OF DISCHARGE SUMMERY DTD 5.2.2010. EXT.P2: COPY OF NOTICE DTD 30.3.2011. EXT.P3: COPY OF NOTICE DATED 24.6.2011. TRUE COPY PA TO JUDGE. S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No. 19854 OF 2011 ---------------------------------------------- Dated this the 1st day of September, 2011 JUDGMENT The petitioners challenge proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondents for recovery of loan amounts due from the petitioners. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek facility to pay off the amounts in instalments. On 27.7.2011, I directed the petitioners to pay Rs.2,00,000/- (Rupess two lakhs only) within two weeks. Despite granting extension of time twice, the petitioners paid only Rs.1,75,000/-. The petitioners now submit that the petitioners could not pay the balance amount because of financial stringency. The petitioners further submit that the petitioners will pay off the balance amount due in instalments. 2. This is opposed by the learned counsel for the bank. 3. Having heard both sides, taking a lenient view, I dispose of this writ petition with a direction to the respondents to W.P.(C)No.19854/11 2 permit the petitioners to pay off the balance amount due in ten equal monthly instalments starting from 1.10.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioners pay the instalments on due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioners commit 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. S. SIRI JAGAN, JUDGE acd W.P.(C)No.19854/11 3 W.P.(C)No.19854/11 4