IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 23RD DECEMBER 2011 / 2ND POUSHA 1933 WP(C).No. 34918 of 2011(L) -------------------------------------- PETITIONER: ------------------- SANTHOSHKUMAR.V.R, VAIKKATH HOUSE, SANTHANPARA P.O., THOTTIKKANAM. BY ADVS. SRI.JOBY JACOB PULICKEKUDY, SRI. ANIL GEORGE. RESPONDENTS: ------------------------ 1. IDUKKI DISTRICT CO-OPERATIVE BANK LTD., HEAD OFFICE, IDUKKI COLONY P.O-685 602, REPRESENTED BY ITS GENERAL MANAGER. 2. THE SPECIAL RECOVERY OFFICER, IDUKKI DISTRICT CO-OPERATIVE BANK LTD., IDUKKI COLONY P.O-685 602. R1 & R2 BY SRI. P.C. SASIDHARAN, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 23/12/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C).NO.34918/2011-L: APPENDIX PETITIONER'S EXHIBITS:- EXHIBIT P1- TRUE COPY OF DEMAND NOTICE ISSUED BY THE RESPONDENTS ON 13.11.2010. EXHIBIT P2- TRUE COPY OF DEMAND NOTICE ISSUED BY THE RESPONDENTS ON 16.3.2011. RESPONDENTS' EXHIBITS:- NIL. //TRUE COPY// P.A. TO JUDGE Prv. S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.34918 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 23rd 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 initiated by the respondents for recovery of loan amounts due from the petitioner to the respondents. 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. However, taking a lenient view, I dispose of this writ petition with the following directions: The respondents shall permit the petitioner to pay off the balance amount due in ten equal monthly instalments starting from 16.1.2012. Every subsequent instalment shall be paid on the first working day after the 15th 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 W.P.(C)No.34918 of 2011 -2- 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/