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. 18144 of 2011(P) ------------------------- PETITIONER : -------------------- R.RAJAN, S/O.RAMAN, AGED 54 YEARS, VADAKKANAL PUTHANPURAYIL HOUSE, VENNUR.P.O., THRISSUR DIST. BY ADV. SRI.SHOBY K.FRANCIS RESPONDENT(S): -------------------------- 1. THE AUTHORIZED OFFICER, THE THRISSUR DISTRICT CO-OPERATIVE BANK LTD., HEAD OFFICE, KOVILAKATHUMPADAM, THIRUVAMBADY.P.O., THRISSUR-680 022. 2. THE MANAGER, THE THRISSUR DISTRICT CO-OPERATIVE BANK LTD., BRANCH OFFICE, PAZHAYANNUR, PAZHAYANNUR.P.O., THRISSUR DISTRICT. 680 121. R1 & R2 BY ADV. SRI. P.C. SASIDHARAN, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Mn ...2/- WP(C).No. 18144 of 2011(P) APPENDIX PETITIONER'S EXHIBITS: EXT.P1 : COPY OF THE RELEVANT PORTION OF THE PASS BOOK DATED 28.3.09 ISSUED BY THE 2ND RESPONDENT. EXT.P2 : COPY OF THE NOTICE DATED 24-8-2010 ISSUED BY THE 2ND RESPONDENT. EXT.P3 : COPY OF THE NOTICE UNDER SECTION 13(4) DATED 24-6-11 ISSUED BY THE 2ND RESPONDENT ON 28-6-11. EXT.P4 : COPY OF THE NOTICE UNDER SECTION 13(4) PUBLISHED IN MANORAMA DAILY DATED 29-6-11. EXT.P5 : COPY OF THE REQUEST SUBMITTED BY THE PETITIONER TO THE RESPONDENTS BY REGISTERED POST DATED 29-6-11. RESPONDENT'S EXHIBITS - NIL //TRUE COPY// P.A. TO JUDGE Mn S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 18144 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 respondents for recovery of defaulted loan amounts. The petitioner does not dispute the liability to pay or the quantum. The petitioner seeks regularisation of the loan account by paying off the defaulted amounts and to permit the petitioner to pay off the balance instalments on due dates as per the loan agreement. This is strongly opposed by the counsel for the Bank. He points out that after taking the loan in 2009, no amount has been paid towards principal amount yet. Therefore if at all this court is inclined to interfere with the matter that should only be to permit the petitioner to pay the balance amount in installments, is the contention raised. The counsel for the Bank submits that the petitioner is a financially sound man W.P.(C)No. 18144 of 2011 -2- and is a hotelier and he can afford to pay the amounts without any difficulty. Having heard both sides, I dispose of this writ petition with the following directions: The respondents shall permit the petitioner to pay off the balance amount due in 5 (five) equal monthly instalments starting from 01.08.2011. 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/