IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 15TH JULY 2011 / 24TH ASHADHA 1933 WP(C).No. 19303 of 2011(K) ----------------------- PETITIONER(S): ----------------------- 1. P.T. NAZAR , S/O.THANGAL KUNJU LEBBA, AGED 52 YEARS, PROPRIETOR OF SOFI BEATY PALACE, ROOM NO. 52, SOUTH OF MULLAKKAL TEMPLE, ALAPPUZHA. 2. RASEENA NAZAR, W/O.NAZAR, AGED 47 YEARS, -DO- BY ADVS. SRI.P.KRISHNA KUMAR (ALAPPUZHA) SRI.SUNIL J.CHAKKALACKAL SRI.NAVIN M. EASOW RESPONDENT(S): ------------------------- 1. UNION BANK OF INDIA REP. BY ITS BRANCH MANAGER MULLACKAL, ALAPPUZHA, PIN - 688 001. 2. THE AUTHORIZED OFFICER UNDER SARFAESI ACT (CHIEF MANAGER), UNION BANK OF INDIA KOTTAYAM BRANCH, CSI SQUIRE, KOTTAYAM. R1 & R2 BY ADV. SRI. A.S.P. KURUP, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 15/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Mn ...2/- WP(C).No. 19303 of 2011(K) APPENDIX PETITIONER'S EXHIBITS: EXT.P1 : COPY OF THE STATEMENT OF ACCOUNT OF THE PETITIONER, ISSUED BY THE 1ST RESPONDENT FOR THE PERIOD OF 18.3.07 TO 31.05.09. EXT.P2 : COPY OF THE FIRE OCCURRENCE REPORT BEARING NO. 246/09 OF KERALA FIRE FORCE, SOUTH ZONE, DATED 23.11.09. EXT.P3 : COPY OF THE FIR NO. 624/2009 OF THE SOUTH POLICE, ALAPPUZHA, DATED 23.11.09. EXT.P4 : COPY OF THE STATEMENT OF ACCOUNT OF THE 1ST PETITIONER, ISSUED BY THE 1ST RESPONDENT FOR THE PERIOD OF 01.01.11 TO 13.07.11. EXT.P5 : COPY OF THE POSSESSION NOTICE ISSUED BY THE COMMISSIONER, DATED 08.07.11. RESPONDENT'S EXHIBITS - NIL //TRUE COPY// P.S. TO JUDGE Mn S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 19303 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 15th day of July, 2011. J U D G M E N T The petitioners are challenging proceedings initiated by the respondents under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for recovery of amounts due from the petitioners on a cash credit hypothecation account from the petitioners. The petitioners seek a facility to pay off the outstanding amounts in instalments. This is opposed by the counsel for the bank. 2. Having heard both sides, I dispose of the writ petition with the following directions: The respondents are directed to permit the petitioners to pay the outstanding amounts in the cash credit hypothecation account of the petitioners in 8 equal monthly instalments starting from 1.8.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioners pay the amount on the due dates without default, further coercive recovery proceedings shall be kept in abeyance. However, if the petitioners commit default in complying with the above directions or in paying 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. Sd/- S. Siri Jagan, Judge. Tds/