IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 7TH DECEMBER 2011 / 16TH AGRAHAYANA 1933 WP(C).No. 32602 of 2011(A) ------------------------------------- PETITIONER(S): --------------------- K.N.SASIDHARAN, S/O.NARAYANAN, KUDILUMATTATHIL HOUSE, P.O.ANAKAMPOYIL THIRUVAMPADY VIA., KOZHIKODE DISTRICT. BY ADV. SRI.P.J.MATHEW SRI.THOMAS JOHN AMBOOKEN SRI.AJITH GEORGE RESPONDENT(S): ------------------------ 1. KOZHIKODE DISTRICT CO-OPERATIVE BANK LT.D NO.F.1635, REPRESENTED BY ITS SECRETARY, HEAD OFFICE, P.B.NO.503, CHALAPPURAM P.O., KOZHIKODE-673 002. 2. THE AUTHORIZED OFFICER/SENIOR MANAGER KOZHIKODE DISTRICT CO-OPERATIVE BANK LTD. KALLAI ROAD, KOZHIKODE-673 002. BY ADV. SRI. P.V. KUNHIKRISHNAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 07/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sd WPC NO. 32602/2011 APPENDIX PETITIONER(S) EXHIBITS EXHIBIT P1: A TRUE COPY OF THE NOTICE DATED 29/11/2011 ISSUED BY THE 2ND RESPONDENT. EXHIBIT P2: A TRUE COPY OF THE POSSESSION NOTICE DATED 29/11/2011 EXHIBIT P3: A TRUE COPY OF THE AGREEMENT DATED 7/9/2011 BETWEEN THE PETITIONER AND SRI.PREJESHNATH FOR SALE OF 3 ACRE 10 CENTS OF GARDEN LAND. RESPONDENTS' EXHIBITS NIL TRUE COPY P.A. TO JUDGE sd S.SIRI JAGAN - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)NO. 32602 OF 2011 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Dated this the 7th day of December 2011 --------------------------------------------------- JUDGMENT The petitioner challenges proceedings initiated by the respondents under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Instrument Act, 2002 for recovery of loan amounts due from the petitioner to the respondents. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks time to pay off the amounts by disposing of the property belonging to him. 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 an amount of Rs.2,00,000/- on or before 31/12/2011. The balance amount shall be paid on or before 28/02/2012. If the petitioner pays the said amounts on due dates without default, further proceedings shall be kept in abeyance. However, if the petitioner commits default in payment of either Rs.2,00,000/- or the balance amounts on the due dates, 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. S.SIRI JAGAN, JUDGE STU 2 3 KURIAN JOSEPH, JUDGE jes