IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 4TH NOVEMBER 2011 / 13TH KARTHIKA 1933 WP(C).No. 24404 of 2011(A) --------------------------------------- PETITIONER: ------------------- M.S.JAYARAJ,RESIDING AT J.V COTTAGE, KATTACHALKUZHI P.O,KOTTUKAL VILLAGE, NEYYATTINKARA TALUK,THIRUVANANTHAPURAM DISTRICT. BY ADV. SRI.A.B.MOHANA KUMAR. RESPONDENTS: ------------------------ 1. STATE BANK OF TRAVANCORE,REGION 2, ZONAL OFFICE, K.S.H.B BUILDING,SHANTINAGAR, THIRUVANANTHAPURAM- 695 001, REPRESENTED BY ITS AUTHORISED OFFICER. 2. THE MANAGER, S.B.T BALARAMAPURAM BRANCH, THIRUVANANTHAPURAM, PIN -695 520. R1 & R2 BY SRI. R.S. KALKURA, S.C. THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 04/11/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C).NO.24404/2011-A: APPENDIX PETITIONER'S EXHIBITS:- EXHIBIT P1. TRUE COPY OF THE ENTRIES IN THE LOAN PASS BOOK ISSUED FROM THE 2ND RESPONDENT BANK. EXHIBIT P2. TRUE COPY OF POSSESSION NOTICE DATED 30.10.2009 ISSUED UPON THE PETITIONER BY THE IST RESPONDENT. EXHIBIT P3. TRUE COPY OF THE ORDER DATED 27.07.2011 OF THE CHIEF JUDICIAL MAGISTRATE, THIRUVANANTHAPURAM IN M.C NO. 123/2010. EXHIBIT P4. TRUE COPY OF THE RECIEPT DATED 02.09.2011 EVIDENCING PAYMENT OF RS.40,000/-. EXHIBIT P5. TRUE COPY OF THE MEDICAL CERTIFICATE DATED 28.08.2011 ISSUED TO SMT.KAMALAKSHI,MOTHER OF THE PETITIONER, BY THE KERALA INSTITUTE OF MEDICAL SCIENCES,THIRUVANANTHAPURAM. RESPONDENT'S EXHIBITS:- NIL. //TRUE COPY// P.A. TO JUDGE Prv. S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.24404 of 2011 ---------------------------------------------- Dated this the 4th day of November, 2011 JUDGMENT This writ petition is filed by the petitioner 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 respondents. On 6.9.2011, I passed the following interim order: “Admit. The learned standing counsel takes notice on behalf of the respondents and seeks time to file counter affidavit. Post immediately after vacation. In the meantime, the petitioner and his family members shall be allowed to reside in the house in question till the next posting date on condition that the petitioner pays an amount of ` 1 lakh within that time. But the possession shall continue to be with the respondents.” There was delay by the petitioner in paying the amount, which was condoned by order in I.A.No.17568/2011. The petitioner now confines his relief for permission to pay off the balance amount due in instalments. W.P.(C)No.24404/11 2 2. This is opposed by the learned counsel for the bank. 3. Having heard both sides, I dispose of this writ petition with the following directions: The petitioner shall pay the balance amounts due in five equal monthly instalments starting from 1.1.2012. If the petitioner pays the instalments on due dates without default, the petitioner shall be allowed to continue in the building in the secured asset. But, the possession shall continue to be with the bank. However, if the petitioner commits default in payment of any one instalment, the petitioner shall voluntarily vacate the building and the respondents can continue the proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. If the petitioner commits default in payment of any one instalment and refuses to vacate the premises, it would be open to the bank to move this Court for Contempt of Court for violation of the above direction. This is in addition to the right of the bank to continue proceedings as permitted above. S. SIRI JAGAN, JUDGE acd W.P.(C)No.24404/11 3 W.P.(C)No.24404/11 4