IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 6TH SEPTEMBER 2011 / 15TH BHADRA 1933 WP(C).No. 24232 of 2011(D) ---------------------------------- PETITIONER(S): ------------------- A.RAJASEKHARAN NAIR,PROPRIETOR, M/S.DHANYA RESTAURANT, TC 28/83,KAITHAMUKKU, PETTAH PO, THIRUVANANTHAPURAM. BY ADV. SRI.BIJU BALAKRISHNAN RESPONDENT(S): -------------------- 1. STATE BANK OF INDIA, SIB BRANCH, THIRUVANANTHAPURAM,REPRESENTED BY ITS MANAGER, PIN 695 035. 2. THE AUTHORISED OFFICER,STATE BANK OF INDIA, SARC, LMS COMPOUND, THIRUVANANTHAPURAM,PIN 695 033. BY ADV. SRI. R.S. KALKURA, SC., SBI. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/09/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: svs W.P.(C). NO. 24232/2011 APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF THE SALE NOTICE DATED 20/08/2010 ISSUED BY THE 2ND RESPONDENT. P2: COPY OF THE NOTICE DATED 01/06/2011 OF THE 2ND RESPONDENT. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A. TO JUDGE. svs S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.24232 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 6th day of September, 2011 J U D G M E N T The petitioner is aggrieved by the proceedings under the Securitisation 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 12 (twelve) equal W.P.(C)No.24232 of 2011 -2- monthly instalments starting from 01.10.2011. Every subsequent 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. Sd/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/