IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 9TH NOVEMBER 2011 / 18TH KARTHIKA 1933 WP(C).No. 29652 of 2011(F) ---------------------------------------- PETITIONER(S): ------------------------- K.S. SREENIDHI, AARAMAM, VAZHAVILA JUNCTION, MITHRUMALA.P.O., KALLARA, THIRUVANANTHAPURAM. BY ADV. SRI.K.P.RAJEEVAN RESPONDENT(S): ---------------------------- STATE BANK OF INDIA, REPRESENTED BY ITS AUTHORIZED OFFICER, CHIEF MANAGER, REGIONAL BUSINESS OFFICE, KOLLAM-691 013. BY ADV. SRI. R.S. KALKURA, SC, SBI THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 09/11/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss WPC.NO.29652/2011 F APPENDIX PETITIONER'S EXHIBITS: EXT.P1 A TRUE COPY OF ORDER DATED 27-7-2011 IN MC NO.202 OF 2011 OF THE CHIEF JUDICAL MAGISTRATE, THIRUVANANTHAPURAM. EXT.P2 A TRUE COPY OF LETTER DATED 28-9-2011 ISSUED BY THE RESPONDENT TO THE PETITIONER. RESPONDENTS' EXHIBITS: N I L /TRUE COPY/ P.A.TO JUDGE Kss S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.29652 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 9th day of November, 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 respondent 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 respondent 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 respondent to permit the petitioner to pay off the balance amount due in 8 (eight) equal monthly W.P.(C)No.29652 of 2011 -2- instalments starting from 01.12.2011. 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 respondent 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/