IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 12TH JULY 2011 / 21ST ASHADHA 1933 WP(C).No. 16783 of 2011(W) ----------------------------------- PETITIONER(S): ------------------- 1. SHOBHA B.NAIR, HOUSE NO.89, MOHANAM, KESAVAN NAIR ROAD, POOJAPPURA, THIRUVANANTHAPURAM. 2. GIREESH KUMAR S., HOUSE NO.89, MOHANAM, KESAVAN NAIR ROAD, POOJAPPURA, THIRUVANANTHAPURAM. BY ADV. SRI.S.KRISHNAKUMAR RESPONDENT(S): -------------------- 1. ICICI BANK LTD., M.G.ROAD, STATUE, THIRUVANANTHAPURAM - 695 012. 2. ICICI BANK LTD., M.G.ROAD, STATUE, THIRUVANANTHAPURAM - 695 012, REPRESENTED BY ITS AUTHORIZED OFFICER, GANAPATHY SUBBAN. BY ADVS. SRI.A.A.ZIYAD RAHMAN SRI.LAL K.JOSEPH THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 12/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: svs W.P.(C). NO. 16783/2011 APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF THE RECEIPTS EVIDENCING SOME OF SUCH PAYMENTS. P2: COPY OF THE NOTICE DATED 13/06/2011 ISSUED TO THE PETITIONERS BY THE RESPONDENTS. P3: COPY OF THE ORDER DATED 20/05/2011 IN C.M.P.NO.4503/2010 PASSED BY CHIEF JUDICIAL MAGISTRATE COURT, THIRUVANANTHAPURAM. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A. TO JUDGE. svs S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 16783 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 12th day of July, 2011. J U D G M E N T The petitioners challenge 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 due from the petitioners to the respondents. The petitioners submit that the petitioners have not been given a statement of accounts. The petitioners seek a direction to the respondents to give the petitioners a statement of accounts and to permit them to pay the balance amounts in instalments. 2. I have heard the counsel for the respondents also. 3. On 22.6.2011, this court passed an interim order. The learned counsel for the petitioners submits that on account of an accident suffered by the petitioners they could not pay the amount of Rs. 2 lakhs within time. The petitioners have now Rs. 1,70,000/-, which they are ready to pay tomorrow and the balance within one week. 4. Having heard both sides, I dispose of this writ petition with the following directions: If the petitioners pay Rs. 1,70,000/- tomorrow, the respondents shall accept the same. The balance Rs. 30,000/- out of Rs. 2 lakhs directed to be paid by the interim order shall be paid within a further period of one week. After receiving Rs. 2 lakhs, the respondents shall issue a statement of accounts to the petitioners within one week. The petitioners may file objections W.P(C) No. 16783 of 2011 -: 2 :- to the same within another week. The respondents shall take a decision regarding the balance amounts to be paid within a further period of one week. The petitioners shall pay the balance amounts due in 10 equal monthly instalments starting from 1.10.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioners pay the amount on the due dates without default, further coercive recovery proceedings shall be kept in abeyance. However, if the petitioners commit default in complying with the above directions or in paying any one instalment, 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/- S. Siri Jagan, Judge. Tds/