IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 15TH DECEMBER 2011 / 24TH AGRAHAYANA 1933 WP(C).No. 33455 of 2011(F) -------------------------------------- PETITIONER: ------------------- ABDU RAHIMAN, S/O. MAMMI, AGED 39 YEARS, PROPRIETOR, KSM TRADING, KSM COMPLEX, MARKET ROAD, TIRUR (P.O). BY ADVS. SRI.R.T.PRADEEP, SRI.SREEKANTH S.NAIR. RESPONDENTS: ------------------------ 1. AUTHORIZED OFFICER, STATE BANK OF INDIA, REGIONAL BUSINESS OFFICE, KOZHIKODE, 1ST FLOOR, SOUTHERN TRADE TOWER, PUSHPA JUNCTION, FRANCIS ROAD, KOZHIKODE - 673 002. 2. MANAGER, STATE BANK OF INDIA, TOWN BRANCH, TIRUR, MALAPPURAM DISTRICT - 676 101. R1 & R2 BY SRI. A.S. SAJUSH PAUL, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 15/12/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C).NO.33455/2011-F: APPENDIX PETITIONER'S EXHIBITS:- EXT.P.1: COPY OF THE NOTICE DTD. 06/12/2010 OF STATE BANK. EXT.P.2: COPY OF THE ACCOUNT STATEMENT FOR THE PERIOD FROM 1.8.2010 TO 31.1.2011. EXT.P.3: COPY OF THE ACCOUNT STATEMENT FOR THE PERIOD FROM 1.2.2011 TO 21.3.2011. EXT.P.4: COPY OF THE ACCOUNT STATEMENT FROM 1.6.2011 TO 24.11.2011. EXT.P.5: COPY OF THE NOTICE UNDER SECTION 13 (2) OF THE SARFAESI ACT DTD. 18.2.2011. EXT.P.6: COPY OF THE REPLY DTD. 08/03/2011 SENT BY PETITIONER. EXT.P.7: COPY OF THE POSSESSION NOTICE DTD. 09/12/2011. RESPONDENTS' EXHIBITS:- NIL. //TRUE COPY// P.A. TO JUDGE Prv. S.SIRI JAGAN, J. ================== W.P.(C).No. 33455 of 2011 ================== Dated this the 15th 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. 3. However, taking a lenient view, I dispose of this writ petition with the following directions; The petitioner shall pay the balance amounts due in ten equal monthly instalments starting from 16.1.2012. Every subsequent instalment shall be paid on the first working day after 16th of every succeeding month. If the petitioner pays 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 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 - : 2 :-