IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 10TH NOVEMBER 2011 / 19TH KARTHIKA 1933 WP(C).No. 29917 of 2011(L) ----------------------------------------- PETITIONER(S): ------------------------- 1. A.RAMACHANDRAN NAIR, KUNDARATHALA HOUSE, VENPAKAL P.O., NEYYATTINKARA, THIRUVANANTHAPURAM-695 020. 2. S.THULASI BHAI, W/O.RAMACHANDRAN NAIR, KUNDARATHALA HOUSE, VENPAKAL P.O., NEYYATTINKARA, THIRUVANANTHAPURAM-695 020. BY ADV. SRI.V.SUNIL KUMAR (PANACHAMOODU) RESPONDENT(S): --------------------------- 1. AUTHORISED OFFICER, STATE BANK OF INDIA REPRESENTED BY ITS CHIEF MANAGER, REGIONAL BUSINESS OFFICE,, RAVI'S ARCADE, NEAR IRON BRIDGE, KOLLAM-691 013. 2. THE BRANCH MANAGER, STATE BANK OF INDIA, KOTTUKAL BRANCH AVANAKUZHI, THIRUVANANTHAPURAM-695 020. R1 & R2 BY ADV. SRI. P.V.SURENDRANATH, SC, SBI THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 10/11/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss WPC.NO.29917/2011 L APPENDIX PETITIONER'S EXHIBITS: EXHIBIT-P1. THE COPY OF THE ORDER DATED 26.07.2011 IN M.C.NO.222/2011 BEFORE THE HON'BLE CHIEF JUDICIAL MAGISTRATE, THIRUVANANTHAPURAM. EXHIBIT-P2. THE COPY OF THE NOTICE HAND WRITTEN BY THE ADVOCATE COMMISSIONER DATED 31.10.2011. RESPONDENTS' EXHIBITS: N I L /TRUE COPY/ P.A.TO JUDGE Kss S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.29917 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 10th day of November, 2011 J U D G M E N T The petitioners are 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 petitioners do not dispute the liability to pay or the quantum. The petitioners only seek 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 petitioners 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 petitioners to pay off the balance amount due in 10 (ten) equal monthly instalments starting from 01.12.2011. Every W.P.(C)No.29917 of 2011 -2- subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioners pay the instalments on due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioners commit 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/