IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 21ST OCTOBER 2011 / 29TH ASWINA 1933 WP(C).No. 28015 of 2011(B) -------------------------- PETITIONER(S): --------------- M/S.MIDASS TOUCH, REPRESENTED BY ITS PROPRIETRIX MRS.KAVERI @ KALYANI, CORPORATION OFFICE, FLAT 101, PARK VIEW APARTMENTS, PLOT NO.60, PRAGATHI NAGAR, SRINAGAR COLONY, HYDERABAD-500045. BY ADV. SRI.ESM.KABEER SMT.M.R.JAYALATHA RESPONDENT(S): --------------- 1. THE BRANCH MANAGER, UCO BANK, GACHIBOWLI BRANCH,2-52/88 SAI TEJA ENCLAVE, INDIRA NAGAR, GACHIBOWLI,HYDERABAD-500032. 2. THE ADMINISTRATIVE OFFICER, ZONAL OFFICE HYDERABAD, POST NO.52, 8-2-624, GROUND FLOOR, ROAD NO.10, BANJARA HILLS, HYDERABAD-500032.. ADV. SRI.GEORGE KARITHANAM VARGHESE,SC,UCO BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: SU W.P.C.NO.28015/2011 APPENDIX PETITIONER'S EXHIBITS: P1. COPY OF THE SALE NOTICE ISSUED BY THE RESPONDENT DATED 20/09/2011. P2. COPY OF THE REPRESENTATION DATED 15/10/2011. RESPONDANTS' EXHIBITS: NIL. /TRUE COPY/ P.A. TO JUDGE SU S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 28015 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 21st day of October, 2011. J U D G M E N T The petitioner is challenging proceedings under the Securitisation and Reconstruction of Financial Assets and and Enforcement of Security interest Act, 2002 initiated by respondents 2 to 4 for recovery of defaulted loan amounts. The petitioner does not dispute the liability or quantum. The petitioner only seeks a facility to pay the amounts in instalments. This is opposed by the counsel for the bank. However, taking a lenient view, I dispose of this writ petition with the following directions: The petitioner shall pay the amounts demanded in ten monthly instalments starting from 1.12.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the amount on the due dates without default, further coercive recovery proceedings shall be kept in abeyance. However, if the petitioner commits 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/