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. 24254 of 2011(F) ----------------------------------------- PETITIONER(S): ------------------------- UNNIKRISHNAN E.K., S/O.LATE KRISHNAN, EDACHALIL HOUSE, P.O.CHAMAKKALA, VALAPPAD, THRISSUR. BY ADV. SRI.K.I.SAGEER IBRAHIM RESPONDENT(S): ---------------------------- 1. SYNDICATE BANK, REP.BY ITS AUTHORISED OFFICER/CHIEF MANAGER, PALACE ROAD, THRISSUR, PIN 680 020. 2. THE MANAGER, SYNDICATE BANK, THRISSUR BRANCH, THRISSUR. R1 & R2 BY ADV. SRI. R.S.KALKURA, SC, SYNDICATE BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/09/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss WPC.NO.24254/2011 APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF THE NOTICE ISSUED BY THE 1ST RESPONDENT TO THE PETITIONER UNDER SARFAESI ACT DTD. 05/07/2011. P2: COPY OF THE REQUEST SUBMITTED BY THE PETITIONER BEFORE THE 2ND RESPONDENT DTD. 28/08/2011. RESPONDENT'S EXHIBITS: N I L /TRUE COPY/ P.A.TO JUDGE Kss S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.24254 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 10 (ten) equal monthly W.P.(C)No.24254 of 2011 -2- 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/