IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 12TH OCTOBER 2011 / 20TH ASWINA 1933 WP(C).No. 24721 of 2011(M) --------------------------------------- PETITIONER: ------------------- D. SUNDARAN, MELE PUTHEN VEEEDU, CHERIYAKONAM KULATHINKARA, ARALUMMOODU.P.O., THIRUVANANTHAPURAM. BY ADVS. SRI.M.R.SARIN, SRI.M.R.SASITH PANICKER. RESPONDENT: ---------------------- THE AUTHORISED OFFICER, THE P.N.B HOUSING LTD., CAPITAL TOWERS, STATUE,THIRUVANANTHAPURAM - 695 001. BY ADV. SRI.SABU S.KALLARAMOOLA, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 12/10/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C).NO.24721/2011-M: APPENDIX PETITIONER'S EXHIBITS:- EXT.P.1: COPY OF THE M.C. NO. 9/11 PENDING BEFORE C.J.M. THIRUVANANTHAPURAM. EXT.P.2: COPY OF THE ORDER IN M.C. NO. 9/11 PENDING BEFORE C.J.M., THIRUVANANTHAPURAM. RESPONDENT'S EXHIBITS:- NIL. //TRUE COPY// P.A. TO JUDGE Prv. S.SIRI JAGAN, J. ================== W.P.(C).No. 24721 of 2011 ================== Dated this the 12th day of October, 2011 J U D G M E N T The petitioner is a defaulter in repayment of loan amounts due from the petitioner to the respondent. The respondent has initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, for recovery of the amounts due. That is under challenge. The petitioner does not dispute the liability to pay or the quantum. Although this Court had granted an interim stay on condition, since the petitioner did not comply with the condition in time, the bank has already taken possession. The petitioner submits that possession may be returned to the petitioner and the petitioner may be given facility to pay off the amounts due in instalments. 2. This is opposed by the learned counsel for the bank, who points out that sufficient opportunity has been given to the petitioner to pay off the amounts and only when the bank was sure that the petitioner would not pay the amount, that the bank has taken proceedings under the Act. According to the counsel, the petitioner is not entitled to any further indulgence in the matter. 3. Having heard both sides, I am of opinion that the respondent can show some more leniency to the petitioner to enable w.p.c.24721/11 - : 2 :- the petitioner to pay off the amounts due in instalments. Accordingly, this writ petition is disposed of with the following directions: On the petitioner paying an amount of ` 1 lakh within three weeks, the respondent shall allow the petitioner to reside in the house in the property. However, possession shall continue to be with the respondent. The petitioner shall pay off the balance amounts due in three equal monthly instalments starting from 1.12.2011. The other two instalments shall be paid on 1.1.2012 and 1.2.2012. If the petitioner complies with the above directions without default, further coercive proceedings shall be kept in abeyance. However, if the petitioner fails to comply with any of the above directions, 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/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge