IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 23RD NOVEMBER 2011 / 2ND AGRAHAYANA 1933 WP(C).No. 31141 of 2011(P) ----------------------------------------- PETITIONER(S): ------------------------ ANILKUMAR, S/O.SREEDHARAN, AGED 46 YEARS, PUTHENURAYIL, VADAKKEVILA P.O., KOLLAM. BY ADVS. SRI. SIJU KAMALASANAN, SRI.S.ABHILASH, SMT.BINDU GEORGE. RESPONDENT(S): --------------------------- 1. THE MANAGER, STATE BANK OF TRAVANCORE, KOLLAM MAIN BRANCH, BISHOP JEROME NAGAR, CHINNAKKADA, KOLLAM-1. 2. THE AUTHORIZED OFFICER/CHIEF MANAGER, STATE BANK OF TRAVANCORE, KOLLAM MAIN BRANCH, BISHOP JEROME NAGAR, CHINNAKKADA, KOLLAM-1. R1 & R2 BY ADV. SRI. R.S. KALKURA,SC, SBT THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 23/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss WPC.NO.31141/2011 P APPENDIX PETITIONER'S EXHIBITS: EXT.P1 THE COPY OF REPRESENTATION DATED 1.9.2011 SUBMITTED BY THE PETITIONER BEFORE THE 1ST RESPONDENT. EXT.P2 THE COPY OF NOTICE ISSUED TO THE PETITIONER UNDER 13(4) OF SARFAESI ACT DATED 1.11.2011. RESPONDENTS' EXHIBITS: N I L /TRUE COPY/ P.A.TO JUDGE Kss S.SIRI JAGAN, J. ================== W.P.(C).No. 31141 of 2011 ================== Dated this the 23rd day of November, 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 eight 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 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 :-