IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 18TH OCTOBER 2011 / 26TH ASWINA 1933 WP(C).No. 27496 of 2011(J) --------------------------------------- PETITIONER(S): ------------------------- DEVARAJAN M.S., S/O MUTHUSWAMY, AGED 49 YEARS, D.R.S. NIVAS, NANNAMKUZHY, KATTACHALKUZHY P.O, THIRUVANANTHAPURAM-695 509. BY ADV. SRI.S.MOHAMMED AL RAFI RESPONDENT(S): ---------------------------- 1. THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK, REPRESENTED BY GENERAL MANAGER/AUTHORISED OFFICER, FORT, THIRUVANANTHAPURAM. PIN-695 023. 2. BRANCH MANAGER,THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK, BALARAMAPURAM, THIRUVANANTHAPURAM-PIN-695 501. R1 & R2 BY ADV.SRI.K.G.RADHAKRISHNAN,SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/10/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sts WP(C)NO.27496/2011 APPENDIX PETITIONER(S) EXHIBITS EXT.P1 TRUE COPY OF POSSESSION NOTICE DTD. 2/12/2010. EXT.P2 TRUE COPY OF THE RECEIPT FOR RS.2,50,000/- DTD.10/10/2011. RESPONDENTS' EXHIBITS : NIL /TRUE COPY/ P.A.TO.JUDGE sts S. SIRI JAGAN, J. ------------------------------------------------- W.P.(C)No. 27496 OF 2011 ------------------------------------------------- DATED THIS THE 18th DAY OF OCTOBER, 2011 J U D G M E N T The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, initiated by the respondents for recovery of loan amounts defaulted by the petitioner. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amounts due in instalments. 2. This is opposed by the learned counsel for the bank. 3. However, taking a lenient view, I dispose of this writ petition with the following directions; The petitioner shall pay the balance amounts due in eight 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 the due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of any of the instalments, it would be open to W.P.(C) No.27496/2011 -2- the respondents to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. If the petitioner files any representation regarding the waiver of any part of interest the same shall be considered by the Bank in accordance with the bank's norms and policies within a period of one month. Sd/- S. SIRI JAGAN, JUDGE. AMG True copy P.A to Judge