IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 13TH JULY 2011 / 22ND ASHADHA 1933 WP(C).No. 16456 of 2011(F) ---------------------------------------- PETITIONER(S): ---------------------- RAJU, S/O.THANKAPPAN, RAJAMMA NIVAS, CHAVARA BRIDGE P.O., CHAVARA, KOLLAM. BY ADV. SRI.N.VIMALAN RESPONDENT(S): --------------------------- 1. FEDERAL BANK LTD., REPRESENTED BY ITS CHIEF MANAGER, REGIONAL OFFICE, FEDERAL TOWERS, M.G.ROAD, THIRUVANANTHAPURAM-695 001. 2. V.ANUROOP, ADVOCATE COMMISSIONER, REX BUILDINGS, NEAR COLLECTORATE, SOUTH OF CIVIL STATION, KOLLAM-691 013. 3. AUTHORISED OFFICER, FEDERAL BANK LTD., REGIONAL OFFICE, FEDERAL TOWERS, M.G.ROAD, THIRUVANANTHAPURAM-695 001. 4. DISTRICT MAGISTRATE AND DISTRICT COLLECTOR, CIVIL STATION, KOLLAM-691 013. R1 & R3 BY ADVS. SRI.GEORGE VARGHESE (MANACHIRACKEL), SMT.LIZA P.CHERIAN. R4 BY GOVT. PLEADER SRI.C.K.GOVINDAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 13/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss W.P.(C) NO.16456/2011 APPENDIX PETITIONER'S EXHIBITS P1:- COPY OF THE BANK PASS BOOK SHOWING THE LOAN AVAILED AND REPAYMENT MADE BY THE PETITIONER. P2:- COPY OF THE POSSESSION NOTICE DTD 28.4.2011 ISSUED BY THE IST RESPONDENT. P3:- COPY OF THE NOTICE DTD. 21.5.2011 ISSUED BY THE 2ND RESPONDENT FOR TAKING POSSESSION OF THE SCHEDULED PROPERPTIES. P4:- COPY OF THE REPRESENTATION DTD. 7.6.2011 SUBMITTED BY THE PETITIONER TO THE IST RESPONDENT WITH COPY TO THE 2ND RESPONDENT. RESPONDENT'S EXHIBITS NIL:- TRUE COPY P.A. TO JUDGE tss S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.16456 OF 2011 ---------------------------------------------- Dated this the 13th day of July, 2011 JUDGMENT The petitioner is challenging proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondents for recovery of loan amounts due from the petitioner to the 1st respondent bank. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks six months' time to pay off the amounts due. 2. This is opposed by the learned counsel for the respondents. According to the respondents, the petitioner has been given sufficient opportunity to pay off the amounts which he did not avail of. 3. The learned counsel for the petitioner submits that the petitioner has already paid Rs.75,000/- as directed by this Court by order dated 20.6.2011. 4. Having heard both sides, I am of opinion that the W.P.(C)No.16456/11 2 respondents can show some more leniency to the petitioner in the matter of payment of the balance amounts due in instalments. Accordingly, this writ petition is disposed of with the following directions: The balance amount due shall be paid by the petitioner in six equal monthly instalments starting from 1.9.2011. 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. S. SIRI JAGAN, JUDGE acd W.P.(C)No.16456/11 3 W.P.(C)No.16456/11 4