IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 2ND DECEMBER 2011 / 11TH AGRAHAYANA 1933 WP(C).No. 32122 of 2011(M) ---------------------------------- PETITIONER(S): ------------------- DINESH BABU, AGED 54, S/O. KUNHIKANNAN, PALAYATTAYIL, PUTHUPPANAM, VADAKARA, PIN - 673 105. BY ADVS. SRI.R.BINDU (SASTHAMANGALAM) SRI.PRASANTH M.P RESPONDENT(S): --------------------- 1. THE SYNDICATE BANK, CHEROOTTY ROAD, KOZHIKODE REPRESENTED BY ITS MANAGER, PIN - 673 001. 2. THE AUTHORISED OFFICER, SYNDICATE BANK, CHEROOTTY ROAD, KOZHIKODE - 673 001. BY ADV. SRI. R.S. KALKURA, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: svs W.P.(C). NO. 32122/2011 APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF THE NOTICE DATED 13/08/2010 ISSUED BY THE 2ND RESPONDENT TO THE PETITIONER. P2: COPY OF THE NOTICE DATED 28/11/2011 ISSUED BY THE ADVOCATE COMMISSIONER. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A. TO JUDGE. svs S.SIRI JAGAN, J. ================== W.P.(C).No. 32122 of 2011 ================== Dated this the 2nd 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, 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. He points out that proceedings for taking possession of the property are posted to today and the petitioner may be directed to pay some amount to show his bonafides. 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 week. The petitioner shall pay the balance amounts due in ten equal monthly instalments starting from 2.1.2012. 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, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in w.p.c.32122/11 - : 2 :- 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