IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 22ND JULY 2011 / 31ST ASHADHA 1933 WP(C).No. 19945 of 2011(P) ---------------------------------------- PETITIONER(S): ------------------------ BHADRAKSHAN V., S/O.VELU, AGED 53 YEARS, VATTAYAL HOUSE, SUMAN NIVAS, BEACH WARD, ALAPPUZHA DISTRICT. BY ADV. SMT.E.V.MOLY RESPONDENT(S): -------------------------- 1. STATE BANK OF TRAVANCORE, VADAITANAL (ALAPPUZHA), RAIBAN COMPLEX, JETTY ROAD, REPRESENTED BY ITS BRANCH MANAGER-688 001. 2. STATE BANK OF TRAVANCORE, ZONAL OFFICE, ERNAKULAM, REPRESENTED BY ITS AUTHORIZED OFFICER/ (CHIEF MANAGER), PIN-682 035. R1 & R2 BY ADV. MR.SATHISH NINAN, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/07/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: rs WP(C).No. 19945 of 2011(P) APPENDIX PETITIONER'S EXHIBITS: EXT.P1: COPY OF THE LOAN PASSBOOK FOR THE REPAYMENT DETAILS. EXT.P2: COPY OF THE ADALAT NOTICE PROPOSED TO BE HELD ON 27/11/2010. EXT.P3: COPY OF THE AWARD PASSED LOK ADALAT HELD ON 27/11/2010. EXT.P4: COPY OF THE RECEIPT OF PAYMENT OF THE AMOUNT. EXT.P5: COPY OF THE NOTICE FOR BANK ADALAT HELD ON 18/07/2011. RESPONDENT'S EXHIBITS: NIL. //TRUE COPY// P.A. TO JUDGE rs S.SIRI JAGAN, J. ================== W.P.(C).No. 19945 of 2011 ================== Dated this the 22nd 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 loan amounts defaulted by the petitioner. 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. 3. Having heard both sides, I am of opinion that some more leniency can be shown to the petitioner in the matter of paying off the balance amounts in instalments. Accordingly, this writ petition is disposed of with the following directions: The petitioner shall pay the balance amounts due in six equal monthly instalments starting from 1.8.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the instalments on the due dates without default, coercive proceedings for recovery of the amounts shall be kept in abeyance. However, if the petitioner commits default in payment of any 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/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge