IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 11TH AUGUST 2011 / 20TH SRAVANA 1933 WP(C).No. 21751 of 2011(T) --------------------------------------- PETITIONER(S): ------------------------- VIJAYAN VINOD, AGED 31, S/O.VIJAYAN, KANAKALAYAM, VIKAS NAGAR 65 A, PATTATHANAM (WEST), KOLLAM-21. BY ADV. SRI.R.T.PRADEEP SRI.SREEKANTH S.NAIR RESPONDENT(S): --------------------------- 1. AUTHORISED OFFICER, STATE BANK OF INDIA, STRESSED ASSETS RECOVERY BRANCH, CHILD WELFARE COMPLEX, L.M.S.COMPOUND, THIRUVANANTHAPURAM-PIN- 695 033. 2. P.SUDARSHANAN, S/O.K.PADMANABHAN, PROPRIETOR, M/S.DEVIKA MEDICAL & SURGICALS NLRA-126, REMANIYAM, NEERAZHI LANE, ULLOOR, MEDICAL COLLEGE P.O., THIRUVANANTHAPURAM-PIN-695 011. R1 BY ADV.SRI.A.S.SAJUSH PAUL,SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 11/08/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sts WP(C)NO.21751/2011 APPENDIX PETITIONER'S EXHIBITS: P1 COPY OF THE NOTICE DATED 21/2/2011 P2 COPY OF THE POSSESSION NOTICE DATED 13/7/2011. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A.TO.JUDGE sts S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 21751 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 11th day of August, 2011 J U D G M E N T The petitioner is a guarantor of loan amounts availed of by the 2nd respondent, who is the petitioner's brother-in- law, from the 1st respondent. The 1st respondent initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) in view of the default committed by the 2nd respondent in repayment of the loan. The petitioner challenges the said proceedings. But the petitioner now seeks only facility to pay off the amounts in instalments. 2. This is opposed by the learned counsel for the Bank who would submit that the petitioner has been making promises before the bank, which the petitioner never keeps. 3. Having heard both sides, I am of opinion that the bank can show some more leniency to the petitioner to pay off the amounts in installments. Accordingly, the writ W.P.(C)No. 21751 of 2011 -2- petition is disposed of with the following directions: The petitioner shall pay an amount of Rs.2,00,000/- (Rupees two lakhs only) on 01.09.2011. He shall pay a further amount of Rs.2 lakhs on 01.10.2011. The balance amount due shall be paid in 8 (eight) equal monthly instalments starting from 01.12.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the instalments as directed above 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. Sd/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/