IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 4TH OCTOBER 2011 / 12TH ASWINA 1933 WP(C).No. 26432 of 2011(D) ----------------------------------------- PETITIONER(S): ------------------------ SUNIL KUMAR,AGED 42 YEARS, S/O.SADANANDAN,MANNASSERIL HOUSE,(ASHRAYA), KARIMTHOTTUVA,SASTHAMCOTTA,KOLLAM DISTRICT. BY ADV. SRI.P.V.DILEEP RESPONDENT(S): --------------------------- 1. THE DEPUTY GENERAL MANAGER/AUTHORIZED OFFICER, THE KOLLAM DISTRICT CO-OPERATIVE BANK LTD. HEAD OFFICE,CHINNAKKADA PO,KOLLAM 691 001. 2. THE MANAGER,THE KOLLAM DISTRICT CO-OPERATIVE BANK LTD,, NEDIAVILA BRANCH, KUNNATHOOR PO,KOLLAM DISTRICT 691 001. R1 & R2 BY ADV. SRI. M.K.CHANDRAMOHAN DAS, SC, KDCB THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss WPC.NO.26432/2011 D APPENDIX PETITIONERS' EXHIBIT: P1: COPY OF THE NOTICE ISSUED BY THE 1ST RESPONDENT U/S.13(4)RULE 8(1) OF THE SARFESI ACT TO THE PETITIONER. RESPONDENT'S EXHIBITS: N I L /TRUE COPY/ P.A.TO JUDGE Kss S.SIRI JAGAN, J. ================== W.P.(C).No. 26432 of 2011 ================== Dated this the 4th 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 1.11.2011. 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 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