IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 8TH JULY 2011 / 17TH ASHADHA 1933 WP(C).No. 16051 of 2011(F) --------------------------------------- PETITIONER(S): PETITIONER ------------------------------------------- ROSE MARY, W/O.S.PONNAYAN, ROSE HOUSE, AMBALATHUMOOLA, KOTTUKAL, CHOWARA P.O., THIRUVANANTHAPURAM. BY ADV. SRI.C.K.MOHANAN RESPONDENT(S): RESPONDENTS --------------------------------------------------- 1. AUTHORISED OFFICER, S.A.R.B., STATE BANK OF INDIA, L.M.S..COMPOUND, THIRUVANANTHAPURAM-695 033. 2. STATE BANK OF INDIA, S.A.R.B., LAKSHMI,GANAPATHI KOIL ROAD,VAZHUTHACAUD, THIRUVANANTHAPURAM, PIN-695 001 REP.BY THE BRANCH MANAGER. R1 & R2 BY ADV.SRI.R.S.KALKURA,SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 08/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sts WP(C)NO.16051/2011 APPENDIX PETITIONER'S EXHIBITS: P1 COPY OF THE POSSESSION NOTICE ISSUED BY THE 1ST RESPONDENT DATED 11/3/2011. P2 COPY OF THE SALE NOTICE ISSUED BY THE 1ST RESPONDENT DATED 17/5/2011. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A.TO.JUDGE sts S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.16051 OF 2011 ---------------------------------------------- Dated this the 8th day of July, 2011 JUDGMENT The petitioner is a defaulter in repayment of loan amounts due from her to the 2nd respondent bank. The respondents initiated proceedings under the Securitisaiton and Reconstruction of Financial Assets and Enforcement of Security Interest Act, which is under challenge in this writ petition. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to regularise the loan account by paying the defaulted instalments and permission to continue to pay the instalments as per the original loan agreement. 2. The learned Standing Counsel for the respondents stoutly opposes the prayers. According to him, this loan was taken in the year 2005 and it is definite that the petitioner has no intention to pay any amount. 3. I have considered the rival contentions in detail. I am also of opinion that at this point of time the petitioner cannot be given the facility to regularise the loan account by paying the W.P.(C)No.16051/11 2 defaulted instalments. This Court passed an interim order granting stay on condition that the petitioner pays an amount of Rs.5 lakhs within two weeks. The petitioner seeks two more weeks' time to pay that amount. In the facts and circumstances of the case, I dispose of this writ petition with the following directions: The petitioner shall pay Rs.5 lakhs ordered to be paid as per the interim order dated 22.6.2011 within a further period of two weeks. The balance instalments due shall be paid in 15 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 fails to pay Rs.5 lakhs within two weeks or any one of the instalment as directed above, 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. However, if the petitioner promptly complies with the above direction, further proceedings shall be kept in abeyance. S. SIRI JAGAN, JUDGE acd W.P.(C)No.16051/11 3 W.P.(C)No.16051/11 4