IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 21ST JULY 2011 / 30TH ASHADHA 1933 WP(C).No. 19911 of 2011(L) ---------------------------------------- PETITIONER(S): ------------------------ WILLIAM.D,ERIKALAVILA KANNERY PUTHEN VEEDU,CHEMBOOR,OTTASEKHARAMANGALAM,PIN-695 125. BY ADV. SRI.R.GOPAN RESPONDENT(S): -------------------------- THE AUTHORIZED OFFICER,CHIEF MANAGER, STATE BANK OF TRAVANCORE,REGION II,ZONAL OFFICE, KSHB BUILDING,SANTHINAGAR,THIRUVANANTHAPURAM, PIN-695 001. BY ADV.SRI.R.S.KALKURA,SC, SBT THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sts WP(C)NO.19911/2011 APPENDIX PETITIONER'S EXHIBITS: P1 COPY OF THE M.C.NO.321/2011 OF THE CHIEF JUDICIAL MAGISTRATE COURT, THIRUVANANTHAPURAM. P2 COPY OF THE NOTICE ISSUED TO THE PETITIONER. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A.TO.JUDGE sts S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.19911 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 21st day of July, 2011 J U D G M E N T The petitioner is aggrieved by the proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) initiated by the respondent for recovery of defaulted loan amounts. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amount in instalments. Having heard the learned counsel for the Bank also, I dispose of this writ petition with a direction to the respondent to permit the petitioner to pay off the balance amount due in 6 (six) equal monthly instalments starting from 01.09.2011. 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 W.P.(C)No.19911 of 2011 -2- abeyance. However, if the petitioner commits default in payment of any one of the instalments, it would be open to the respondent 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/