IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 14TH NOVEMBER 2011 / 23RD KARTHIKA 1933 WP(C).No. 30184 of 2011(W) ------------------------------------- PETITIONER(S): ---------------------- DENNISON, S/O. SCARIA, AGED 45 YEARS, KANDANKULALNGARA HOUSE, KALLAR ROAD, CHELAKKARA P.O., THRISSUR DISTRICT. BY ADVS. SRI.C.A.CHACKO SMT. C.M.CHARISMA. RESPONDENT(S): ------------------------ 1. THE AUTHORISED OFFICER (CHIEF MANAGER), CANARA BANK, CHELAKKARA, THRISSUR-680 586. 2. THE BRANCH MANAGER, CANARA BANK, CHELAKKARA, THRISSUR-680 586. BY ADV. SRI.P.GOPINATH MENON, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 14/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: STU WP(C).No. 30184 of 2011(W) APPENDIX PETITIONER(S) EXHIBITS : EXT.P1 : TRUE COPY OF SALE NOTICE DATED 12/10/11 OF 1ST RESPONDENT WITH COVERING LETTER. RESPONDENTS' EXHIBITS : NIL //TRUE COPY// P.A TO JUDG.E STU S.SIRI JAGAN, J. ================== W.P.(C).No. 30184 of 2011 ================== Dated this the 14th day of November, 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 ten equal monthly instalments starting from 1.12.2011. 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 the respondents 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