IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 10TH AUGUST 2011 / 19TH SRAVANA 1933 WP(C).No. 21455 of 2011(F) -------------------------------------- PETITIONER: ------------------- ANIL K.H., S/O.LATE HAMSA, AGED 30 YEARS, KALAMATTATHIL HOUSE, MUPPATHADAM, PIN-683 110. BY ADV. SRI.K.A.ABHILASH. RESPONDENTS: ------------------------ 1. BANK OF INDIA, MARINE DRIVE BRANCH, ERNAKULAM – 682 031. 2. M.A.IBRAHIM, AGED 52 YEARS, MANAPPURATH HOUSE, NAYARAMBALAM, VYPIN – 682 509. R1 BY SRI.V.SUNIL KUMAR, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 10/08/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C). NO.21455/2011-F: APPENDIX PETITIONERS' EXHIBITS: EXT.P.1: COPY OF THE IDENTITY CARD OF THE PETITIONER. EXT.P.2: COPY OF THE RECEIPT ISSUED BY BANK OF INDIA. RESPONDENTS' EXHIBITS: NIL. //TRUE COPY// P.A. TO JUDGE. Prv. S.SIRI JAGAN, J. ================== W.P.(C).No. 21455 of 2011 ================== Dated this the 10th day of August, 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 dispose of this writ petition with the following directions: The petitioner shall pay an amount of ` 3 lakhs within one month. The balance amounts due shall be paid in six equal monthly instalments starting from 1.11.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the initial amount of ` 3 lakhs 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 commits default in payment of the initial amount of ` 3 lakhs or 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