IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 5TH JULY 2011 / 14TH ASHADHA 1933 WP(C).No. 37172 of 2010(V) -------------------------------------- PETITIONER: ------------------- N.A.CHANDRAN, S/O.SRI.AYYAPPAN, NAMBIANTHARA HOUSE, VEMBALLOOR P.O., KODUNGALLOOR, TRICHUR DISTRICT. BY ADV. SRI.B.KRISHNA MANI. RESPONDENTS: ------------------------ 1. THE AUTHORISED OFFICER, (CHIEF MANAGER), SYNDICATE BANK, REGIONAL OFFICE, SHANMUGHAM ROAD, ERNAKULAM – 682 031. 2. THE MANAGER, SYNDICATE BANK, KODUNGALLOOR BRANCH, KODUNGALLOOR – 680 676. R1 & R2 BY ADV. SRI.R.S.KALKURA, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 05/07/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C). NO.37172/2010-V: APPENDIX PETITIONERS' EXHIBITS: EXT.P.1: COPY OF THE AGREEMENT DTD. 14/02/2007. EXT.P.2: COPY OF THE NOTICE DTD 24/04/2010 ISSUED BY THE BANK. EXT.P.3: COPY OF THE NOTICE DTD. 25/06/2010 ISSUED BY THE BANK. EXT.P.4: COPY OF THE COMMUNICATION DTD. 11/08/2010 ISSUED BY THE BANK. EXT.P.5: COPY OF THE OBJECTION DTD. 28/06/2010 FILED BY THE PETITIONER'S SON. EXT.P.6: COPY OF THE OBJECTION DTD. 28/06/2010 FILED BY THE PETITIONER. EXT.P.7: COPY OF THE COMMUNICATION DTD. 29/06/2010 ISSUED BY THE BANK. EXT.P.8: COPY OF THE COMMUNICATION DTD. 13/07/2010. EXT.P.9: COPY OF THE NOTICE DTD. 20/11/2010 FROM THE BANK. EXT.P.10 COPY OF THE NOTICE DTD. 20/11/2010 FROM THE BANK. RESPONDENTS' ANNEXURE: ANNEXURE R1: COPY OF THE AGRICULTURAL DEBT RELIEF SCHEME. //TRUE COPY// P.A. TO JUDGE. Prv. S.SIRI JAGAN, J. ================== W.P.(C).No. 37172 of 2010 ================== Dated this the 5th day of July, 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 the 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 in instalments. This is opposed by the learned counsel for the bank. However, taking a lenient view, I dispose of this writ petition with the following directions: The petitioner shall pay the balance amount due in six equal monthly instalments starting from 1.8.2011. 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, coercive proceedings for recovery of the amounts shall be kept in abeyance. However, if the petitioner commits default in payment of any one instalment, 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 2