IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 29TH NOVEMBER 2011 / 8TH AGRAHAYANA 1933 WP(C).No. 5483 of 2010(I) ------------------------------------ PETITIONER(S): ---------------------- DEVASIA JOSEPH @ JOY P.J, PARAPURATH HOUSE, PATHADIPALAM, KOVILKADAVU, SAHAYAGIRI. P.O., IDUKKI DISTRICT. BY ADV. SRI.LATHEESH SEBASTIAN RESPONDENT(S): ------------------------ 1. FEDERAL BANK LTD., REPRESENTED BY ITS REGIONAL MANAGER,REGIONAL OFFICE, THEKKUMKAL BUILDINGS, T.B. ROAD, KOTTAYAM. 2. THE AUTHORISED OFFICER, UNDER THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, CHIEF MANAGER, FEDERAL BANK LTD, THODUPUZHA. 3. BRANCH MANAGER, FEDERAL BANK LTD, MUNNAR BRANCH, MUNNAR. BY ADV. SRI.MOHAN JACOB GEORGE, SMT.P.V.PARVATHI, SMT.REENA THOMAS, SRI.L.RAM MOHAN. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29/11/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: rs WP(C).No. 5483 of 2010(I) APPENDIX PETITIONER'S EXHIBITS: EXT.P1 COPY OF THE NOTICE UNDER SEC.13(4) OF SRFAESI ACT. EXT.P2 COPY OF THE REPRESENTATION DATED 19/01/2010. RESPONDENT'S EXHIBITS:- NIL. //TRUE COPY// P.A. TO JUDGE rs S.SIRI JAGAN, J. ================== W.P.(C).No. 5483 of 2010 ================== Dated this the 29th day of November, 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 five equal monthly instalments starting from 2.1.2012. 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 :-