IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 7TH SEPTEMBER 2011 / 16TH BHADRA 1933 WP(C).No. 24380 of 2011(V) -------------------------- MC.75/2011 of C.J.M.,TRIVANDRUM .................... PETITIONER(S): --------------- 1. S.RAJKUMAR, AGED 54 YEARS, S/O.SIVASANKARAPILLAI APPU PILLAI, RESIDING AT DEVIPRASADAM, TC 22/203 (8), ATTUKAL, MANACAUD P.O., TRIVANDRUM. 2. MEENA KUMARI, AGED 46 YEARS, W/O.S.RAJKUMAR, DEVIPRASADAM, TC 22/203 (8), ATTUKAL, MANACAUD P.O., TRIVANDRUM. BY ADV. SRI.M.R.SUDHEENDRAN RESPONDENT(S): --------------- THE STATE BANK OF TRAVANCORE, REPRESENTED BY ITS AUTHORIZED OFFICER, THE CHIEF MANAGER, SARC, ZONAL OFFICE, SHANTHI NAGAR, THIRUVANANTHAPURAM - 695 001. ADV. SRI. R.S. KALKURA THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 07/09/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 24380 of 2011(V) APPENDIX PETITIONER(S) EXHIBITS EXT P-1 TRUE COPY OF THE A TRUE COPY OF THE NOTICE DATED 29.05.2010 ISSUED BY THE RESPONDENT BANK OF THE PETITIONER. EXT.P-2 TRUE COPY OF THE ORDER DATED 29.6.2011 OF THE CHIEF JUDICIAL MAGISTRATE, THIRUVANANTHAPURAM IN M.C.NO.75/2011 RESPONDENTS' EXHIBITS : NIL TRUE COPY PA TO JUDGE. acd S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.24380 OF 2011 ---------------------------------------------- Dated this the 7th day of September, 2011 JUDGMENT The petitioners challenge proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondent bank for recovery of the loan amounts due from the petitioners to the respondent bank. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek facility to pay off the amounts due instalments. 2. This is opposed by the learned counsel for the bank. However, taking a lenient view, I dispose of this writ petition with the following directions: The respondent shall permit the petitioners to pay off the balance amount due in six equal monthly instalments starting from 1.10.2011. Every 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. W.P.(C)No.24380/11 2 However, if the petitioners commit 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. S. SIRI JAGAN, JUDGE acd W.P.(C)No.24380/11 3