IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 20TH JULY 2011 / 29TH ASHADHA 1933 WP(C).No. 10194 of 2011(Y) ---------------------------------- PETITIONER(S): -------------------- 1. P.P.ABOOBACKER S/O.T.P.MOHAMMED KUTTY, THOLIRICKA PALLIYIL HOUSE SANKARAMANGALAM PO, PATTAMBI, PALAKKAD DISTRICT. 2. NOORJAHAN, W/O. P.P.ABOOBAKCER THOLIRICKA PALLIYIL HOUSE SANKARAMANGALAM PO, PATTAMBI, PALAKKAD DISTRICT. BY ADV. SRI.K.M.SATHYANATHA MENON RESPONDENT(S): --------------------- 1. THE MANAGER, STATE BANK OF INDIA PATTAMBI, AMRITHA TOWERS, MELEPATTAMBI PALAKKAD DISTRICT PIN 679 303. 2. THE REGIONAL MANAGER AUTHORISED OFFICER, STATE BANK OF INDIA REGIONAL BUSINESS OFFICE 3H AVENUE, WEST FORT ROAD PALAKKAD 678 001. R1 BY ADV. SRI.P.V.SURENDRANATH, SC., SBI. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 20/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: svs W.P.(C). NO. 10194/2011 APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF THE MEDICAL RECORDS REGARDING THE TREATMENT REPORT ISSUED FORM THE MOULANA HOSPITAL & SCANNING CENTRE, PERINTHALMANNA. P2: COPY OF THE REGISTERED LETTERS DATED 06/11/2010 AND 16/11/2010 ISSUED BY THE RESPONDENT BANK TO THE PETITIONER. P3: COPY OF THE LETTER DATED 03/03/2011 ISSUED BY THE 2ND RESPONDENT. P4: COPY OF THE POSSESSION NOTICE DATED 17/03/2011 ISSUED BY THE RESPONDENT BANK APPEARED IN THE MATHRUBHUMI DAILY DATED 23/03/2011. RESPONDENT'S EXHIBITS:NIL /TRUE COPY/ P.A. TO JUDGE. svs S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.10194 OF 2011 ---------------------------------------------- Dated this the 20th day of July, 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 to the respondents. The petitioners only seek a direction to the bank to consider their claim for One Time Settlement and to permit the petitioners to pay off the amounts due in instalments. 2. This is opposed by the learned counsel for the bank. 3. Having heard both sides, I dispose of this writ petition with the following directions: The respondents shall permit the petitioners to pay the loan amount due in ten equal monthly instalments starting from 1.9.2011. In the meanwhile, the respondents shall consider the petitioners' claim for one time settlement, if one filed, and pass orders thereon before 1.9.2011. If the petitioners pay the instalment amounts on due dates without default, further W.P.(C)No.10194/11 2 proceedings under the Act 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. If the one time settlement is allowed, the petitioners have to comply with the directions in the order granting the one time settlement and cannot seek payment of that amount in instalments insofar as one time settlement amount has to be paid in a lump sum within the time fixed. S. SIRI JAGAN, JUDGE acd W.P.(C)No.10194/11 3 W.P.(C)No.10194/11 4