IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THURSDAY, THE 22ND DECEMBER 2011 / 1ST POUSHA 1933 WP(C).No. 34682 of 2011(I) -------------------------- PETITIONER: ---------- KARTHIKEYAN, ANAGHA NIVAS, THENGAMAM P.O., ADOOR. BY ADV. SRI. K.SHAJ SRI. SAJJU.S RESPONDENTS: ----------- 1. THE PATHANAMTHITTA DISTRICT CO-OPERATIVE BANK LTD., BRANCH PAZHAKULAM, REPRESENTED BY ITS MANAGER. PIN - 689 645. 2. THE AUTHORISED OFFICER, THE PATHANAMTHITTA DISTRICT CO-OPERATIVE BANK LTD., PATHANAMTHITTA. PIN - 689 645. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: SP WP(C).No. 34682 of 2011(I) APPENDIX PETITIONER'S EXHIBITS:- 1. EXT. P1 - COPY OF 13(2) NOTICE DATED 31/12/2010 ISSUED BY THE 2ND RESPONDENT. 2. EXT. P2 - COPY OF THE NOTICE ISSUED BY THE COMMISSION ADVOCATE AS PER THE ORDER DATED 16/08/2011 IN M.C. NO: 225/11 OF THE CHIEF JUDICIAL MAGISTRATE3'S COURT, PATHANAMTHITTA UNDER SECTION 14 OF THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002. RESPONDENTS' EXHIBIT:- NIL //TRUE COPY// P.A. TO JUDGE. SP S.SIRI JAGAN, J. ================== W.P.(C).No. 34682 of 2011 ================== Dated this the 22nd day of December, 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 ten 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