IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 14TH JULY 2011 / 23RD ASHADHA 1933 WP(C).No. 8799 of 2011(Y) ------------------------ PETITIONER : -------------------- BABY THOMAS, AGED 60 YEARS, PROPRIETOR, M/S.E.E.S.INDUSTRIES, KANJIRAMNILKKUNNATHIL, PUNNAKKADU P.O., THEKKEMALA, MALLAPPUZHASSERY, KOZHENCHERY, PATHANAMTHITTA DISTRICT. BY ADV. SRI.P.I.GEORGEKUTTY RESPONDENT(S): -------------------------- 1. THE CHIEF MANAGER/AUTHORISED OFFICER, PUNJAB NATIONAL BANK, CIRCLE OFFICE, 2ND FLOOR, 14/1461, MARKET ROAD, ERNAKULAM-682011. 2. THE BRANCH MANAGER, PUNJAB NATIONAL BANK, KOZHENCHERY BRANCH - 689 641. R1 & R2 BY ADV. SRI.C.AJITH KUMAR THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 14/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Mn ...2/- WP(C).No. 8799 of 2011(Y) APPENDIX PETITIONER'S EXHIBITS: EXT.P1 : COPY OF THE NOTICE ISSUED BY THE 1ST RESPONDENT DATED 30-8-2010. EXT.P2 : COPY OF THE NOTICE ISSUED BY THE 1ST RESPONDENT DATED 23-12-2010. EXT.P3 : COPY OF THE NOTICE PUBLISHED BY THE 1ST RESPONDENT DATED 14-2-2011. EXT.P4 : COPY OF THE REPRESENTATION SUBMITTED BY THE BEFORE THE 1ST RESPONDENT DATED 7/3/2011. RESPONDENT'S EXHIBITS - NIL //TRUE COPY// P.A. TO JUDGE Mn S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.8799 OF 2011 ---------------------------------------------- Dated this the 14th day of July, 2011 JUDGMENT The petitioner is challenging proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondents for recovery of loan amounts due from the petitioner to the respondents. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks instalment facility to pay off the amounts due. 2. This is opposed by the learned counsel for the respondents. He points out that by order dated 21.3.2011, the petitioner was directed to pay an amount of Rs.2,50,000/- and by order dated 11.4.2011, he has been directed to pay a further amount of Rs.3 lakhs, which he has not fully complied with. 3. According to the petitioner, the petitioner has paid Rs.4 lakhs and he could not pay the balance amount within the time fixed. He would submit that he would require only four instalments to pay off the balance amount. W.P.(C)No.8799/11 2 4. The learned counsel for the bank points out that the petitioner has not even filed an application for extension of time to pay off that amount, which would show that the petitioner is unable to pay any further amount. 5. However, taking a lenient view, I dispose of this writ petition with the following directions: The respondents shall permit the petitioner to pay off the balance amount due in four equal monthly instalments starting from 1.9.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the instalments on due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of any one 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. S. SIRI JAGAN, JUDGE acd W.P.(C)No.8799/11 3 W.P.(C)No.8799/11 4