IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 7TH JULY 2011 / 16TH ASHADHA 1933 WP(C).No. 16278 of 2011(H) ------------------------------------ PETITIONER(S): -------------------- U.K.MADHU,S/O.KARTHIKEYAN,AGED 43 YEARS, RESIDING AT MANJHA,UNDICHANPARAMBIL,PACHALAM, KOCHI-682012,NOW RESIDING AT H.NO.5,SRRA,SASTHRI ROAD,VADUTHALA,KOCHI-682023. BY ADVS. SRI.C.K.PAVITHRAN SRI.M.VIVEK RESPONDENT(S): -------------------------- 1. THE MANAGER,CORPORATION BANK,THARAKAN'S BUILDING,KP 11/991,GROUND FLOOR,PULAMON.P.O, M.C.ROAD,KOTTARAKKARA,PIN-691531. 2. ASSISTANT GENERAL MANAGER,REGIONAL OFFICE,CORPORATION BANK,THAMMANAM ROAD, PALARIVATTOM,KOCHI-682025. R1 & R2 BY ADVS. SRI.N.RAJENDRAN, SRI.K.S.FRIJO , SRI.RAMU RAJENDRAN. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 07/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss W.P.(C) NO.16278/2011 APPENDIX PETITIONER'S EXHIBITS P1:- COPY OF THE LETTER DTD. 12.1.2009. P2:- COPY OF THE PAPER PUBLICATION DT. 25.11.2010. P3:- COPY OF THE NOTICE DTD. 6.6.2011. P4:- COPY OF THE SALE AGREMENT DTD. 10.6.2011. RESPONDENT'S EXHIBITS NIL:- TRUE COPY P.A. TO JUDGE tss S.SIRI JAGAN, J. ================== W.P.(C).No. 16278 of 2011 ================== Dated this the 7th 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 due in instalments. This is opposed by the counsel for the bank. 2. I have considered the rival contentions in detail. 3. On 17.6.2011, this Court passed the following interim order: “Urgent notice on admission to respondents returnable within two weeks. Meanwhile, there will be an interim stay against further steps for sale or against dis-possession of the petitioner from the property, if not already dis-possessed, for a period of three weeks subject to condition of the petitioner remitting a sum of Rs. 1.5 lakhs (Rupees one lakh fifty thousand only) on or before 5.7.2011. Post on 7.7.2011” The petitioner seeks one more week's time to pay off the amounts as per the interim order. 4. Having heard both sides, I dispose of this writ petition with the following directions. The petitioner shall comply with the above interim order within w.p.c.16278/11 2 one week from today. The balance amount due shall be paid by the petitioner in six equal monthly instalments starting from 1.9.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner complies with the above interim order and 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 fails either to comply with the above interim order or 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. It would be open to the petitioner to approach the bank for one time settlement benefit, if a scheme is available for the same, which the bank shall consider in accordance with the bank's policies and norms. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge