IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 19TH AUGUST 2011 / 28TH SRAVANA 1933 WP(C).No. 22664 of 2011(G) ---------------------------------- PETITIONER(S): --------------- 1. NAINA MOHAMMED N.S., RAHMATH, K.P.IV/157-C, PURAVOORKONAM, KARAKULAM, THIRUVANNTHAPURAM-695 564. 2. NAZEERA N. MOHAMMED, RAHMATH K.P.IV/157-C, PURAVOORKONAM, KARAKULAM, THIRUVANATHAPURAM-695 564. BY ADV. SRI.R.T.PRADEEP SRI.SREEKANTH S.NAIR RESPONDENT(S): -------------------- AUTHORISED OFFICER/CHIEF MANAGER, THE SOUTH INDIAN BANK LTD., REGIONAL OFFICE, AT HOTEL SAFA INTERNATIONAL BUILDING, P.B.NO.473, MALAYALA MANORAMA ROAD, THAMPANOOR, THIRUVANANTHAPURAM. ADV. SRI. GEORGE VARGHESE - SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19/08/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 22664 of 2011(G) APPENDIX PETITIONERS' EXHIBITS EXT.P1: COPY OF C.M.P. NO.4710/2010 FILED BY RESPONDENT BEFORE C.J.M. THIRUVANANTHAPURAM. EXT.P2: COPY OF ORDER IN C.M.P.NO.4710/10 OF C.J.M. THIRUVANANTHAPURAM DTD 18.5.2011. TRUE COPY PA TO JUDGE. S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.22664 of 2011 ---------------------------------------------- Dated this the 19th day of August, 2011 JUDGMENT The petitioners are challenging proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondent for recovery of loan amounts due from the petitioners to the respondent. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek facility to pay off the amounts in instalments. 2. This is opposed by the learned counsel for the respondent bank. However, taking a lenient view, I dispose of this writ petition with the following directions: The petitioners shall pay Rs.2 lakhs tomorrow (20.8.2011). The petitioner shall pay another Rs.3 lakhs on 1.10.2011. The balance amount due shall be paid in eight equal monthly instalments starting from 1.11.2011. Every subsequent instalment shall be paid on the first working day of every W.P.(C)No.22664/11 2 succeeding month. If the petitioners pay the instalments on due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioners commit default in payment of any one of the instalments, it would be open to the respondent to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. S. SIRI JAGAN, JUDGE acd W.P.(C)No.22664/11 3