IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 5TH JULY 2011 / 14TH ASHADHA 1933 WP(C).No. 15050 of 2011(E) -------------------------------------- PETITIONER: ------------------- R.CHELLAMMA, PROPRIETRIX, APARNA INDANE SERVICES, MUTTIKULANGARA P.O., PUTHUPARIYARAM, PALAKKAD-678 594 (AGED 35, W/O.DIVAKARAN, MUTTIKULANGARA P.O., PUTHUPARIYARAM, PALAKKAD). BY ADV. SRI.K.S.MADHUSOODANAN. RESPONDENTS: ------------------------ 1. BRANCH MANAGER, INDIAN BANK, THORAPALAYAM BRANCH, PALAKKAD – 678 594. 2. AUTHORISED OFFICER, INDIAN BANK, ZONAL OFFICE, CHITTOOR ROAD, ERNAKULAM – 682 016.\ R1 & R2 BY SRI. S. EASWARAN, S.C. THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 05/07/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C). NO.15050/2011-E: APPENDIX PETITIONERS' EXHIBITS: EXT.P.1: COPY OF THE POSSESSION NOTICE DTD. 22/03/11 ISSUED BY THE R.2. EXT.P.2: COPY OF THE AUCTION SALE NOTICE DTD 30/04/11 ISSUED BY THE R.2. EXT.P.3: COPY OF THE STATEMENT OF ACCOUNT DTD. 31/05/2011 ISSUED BY THE R.1. RESPONDENTS' EXHIBITS: NIL. //TRUE COPY// P.A. TO JUDGE. Prv. S.SIRI JAGAN, J. ================== W.P.(C).No. 15050 of 2011 ================== Dated this the 5th day of July, 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, 2002, initiated by the respondents for recovery of the loan amounts defaulted by the petitioner. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks time to pay off the amounts due. 2. On 3.6.2011, this Court passed the following interim order: Admit. The learned Standing Counsel takes notice on behalf of respondents. If auction is conducted pursuant to Ext.P2 the sale shall not be confirmed for a period of five weeks. In the meanwhile, the petitioner shall make payment of Rs.3,00,000/- (Rupees three lakhs only), within one month from today. Post on 05.07.2011.” 3. The learned counsel for the petitioner submits that the petitioner has already paid ` 2,75,000/- and the petitioner requires some more time to pay off the balance amount. The petitioner also seeks facility to pay the balance amount due under the loan in instalments. 4. I have heard the learned counsel for the bank also. 5. Taking a lenient view, I dispose of this writ petition with the following directions: The petitioner shall fully comply with the direction in the interim order dated 3.6.2011 within two weeks. The petitioner shall pay the w.p.c.15050/11 2 balance amount due 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 balance amount as per the interim order dated 3.6.2011 and the instalments on the due dates without default, coercive proceedings for recovery of the amounts shall be kept in abeyance. However, if the petitioner fails to comply with any of the directions above, 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/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge