IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 20TH SEPTEMBER 2011 / 29TH BHADRA 1933 WP(C).No. 24742 of 2011(P) -------------------------- PETITIONER : --------------------- MOON ENTERPRISES, 3/8, SBS JETTY ROAD, KUMBALAM, KOCHI, REPRESENTED BY ITS MANAGING PARTNER, BENSHAD M.A.B, S/O.LATE ABDUL KAREEM, AGED 29 YEARS, MULAKKARA HOUSE, NETTOOR P.O., ERNAKULAM DISTRICT. BY ADVS. SRI.ESM.KABEER SMT.M.R.JAYALATHA SMT.P.DEEPA MOHAN RESPONDENT(S): ------------------------- 1. THE MANAGER, VIJAYA BANK, NETTOOR BRANCH, I.N.T.U.C JUNCTION, NEAR N.H.BYE PASS, NETTOOR. 2. THE AUTHORISED OFFICER, VIJAYA BANK, REGIONAL OFFICE, KOCHI - 682016. BY ADVS. SRI.K.ANAND , SC SMT.LATHA KRISHNAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 20/09/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Mn ...2/- WP(C).No. 24742 of 2011(P) APPENDIX PETITIONER'S EXHIBITS: EXT.P1 : COPY OF THE NOTICE UNDER SECTION 13(2) OF THE SECURITISATION ACT DATED 20/05/2011. EXT.P2 : COPY OF THE OBJECTION SUBMITTED UNDER SECTION 13 (3A) OF THE SECURITISATION ACT DATED 07/06/2011. EXT.P3 : COPY OF THE REQUEST FOR ONE TIME SETTLEMENT DATED 20/07/2011. EXT.P4 : COPY OF THE RECEIPT FOR PAYMENT OF RS. 80,000/- DATED 20/07/2011. EXT.P5 : COPY OF THE REPRESENTATION DATED 12/09/2011 SUBMITTED BY THE PETITIONER BEFORE THE 1ST RESPONDENT. RESPONDENT'S EXHIBITS - NIL //TRUE COPY// P.A. TO JUDGE Mn S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.24742 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 20th day of September, 2011 J U D G M E N T The petitioner availed of a cash credit facility from the 1st respondent. Amounts are outstanding as due from the petitioner in respect of the said account. For recovery of the same, the respondents have initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). That is under challenge in this writ petition. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amounts in instalments. 2. This is opposed by the learned counsel for the Bank who submits that, sufficient time has been given by the bank themselves to the petitioner for paying off the amounts and the petitioner did not availed off the same. Having heard both sides, I dispose of this writ petition W.P.(C)No.24742 of 2011 -2- with the following directions: The respondents shall permit the petitioner to pay off the balance amount due in 6 (six) equal monthly instalments starting from 01.11.2011. 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. Sd/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/