IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 20TH OCTOBER 2011 / 28TH ASWINA 1933 WP(C).No. 27807 of 2011(A) --------------------------------------- PETITIONER(S): ------------------------- SANU GILBERT,PROP. M/S. SAN MARIENE, S/O. GILBERT MORRIS JEEJIKANNITTA, SAKTHIKULANGARA P.O., KOLLAM-691 581. BY ADV. SRI. K.SHAJ SRI.SAJJU.S SRI.SUNIL NARAYANAN RESPONDENT(S): ---------------------------- 1. THE DHANALAXMI BANK LTD., KOLLAM BRANCH, GANGAOTHRI LAND MARK, KOLLAMON BRIDGE, KOLLAM REPRESENTED BY ITS BRANCH MANAGER, PIN-691 006. 2. THE AUTHORIZED OFFICER, THE DHANALAXMI BANK LTD., KERALA ZONE, TRIVANDRUM REGION, REGIONAL OFFICE RECOVERY DEPARTMENT, 3RD FLOOR, FELICITY SQUARE, M.G.ROAD, STATUE, TRIVANDRUM-695 001. R1 & R2 BY ADV.SRI.C.K.KARUNAKARAN,SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 20/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sts WP(C)NO.27807/2011 APPENDIX PETITIONER'S EXHIBITS: P1 COPY OF THE NOTICE DATED 23/05/2011 UNDER SECTION 13(2) OF THE SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT 2002 (SARFAESI ACT). P2 COPY OF THE STATEMENT OF ACCOUNT ISSUED BY THE RESPONDENT BANK. P3 COPY OF THE POSSESSION NOTICE OF THE SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT 2002 DATED 22/09/2011. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A.TO.JUDGE sts S.SIRI JAGAN, J. ================== W.P.(C).No. 27807 of 2011 ================== Dated this the 20th day of October, 2011 J U D G M E N T The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, initiated by the respondents for recovery of loan amounts defaulted by the petitioner. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amounts due in instalments. 2. This is opposed by the learned counsel for the bank. 3. However, taking a lenient view, I dispose of this writ petition with the following directions; The petitioner shall pay the balance amounts due in eight equal monthly instalments starting from 1.12.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the instalments on the due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of any 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/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge - : 2 :-