IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S. SIRI JAGAN FRIDAY, THE 16TH DECEMBER 2011 / 25TH AGRAHAYANA 1933 WP(C).No. 33410 of 2011(A) -------------------------------------- PETITIONER(S) : ---------------------- M/S.SEVASHRAM, MANGATTUKARA, PULIYANAM P.O., ANGAMALLY, 683 572 REP.BY ITS PRESIDENT REVERENT FATHER KURIAKOSE MAMPILLY, S/O.JOSEPH, AGED 60 YEARS, BY ADV. SRI.P.M.ZIRAJ RESPONDENT(S) : ------------------------- 1. THE FEDERAL BANK LIMITED, MANJAPRA BRANCH, ERNAKULAM DIST-683581 2. THE CHIEF MANAGER(AUTHORISED OFFICER UNDER THE SARFAESI ACT)REGIONAL OFFICE, FEDERAL TOWERS, MARINE DRIVE, ERNAKULAM COCHIN-682031 R1 & R2 BY ADVS. SRI. A. ANTONY SMT. LEELAMMA ANTONY THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 16/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: NS W.P.C. NO.33410/2011 APPENDIX PETITIONER(S) EXHIBITS : EXT. P1 : COPY OF THE NOTICE ISSUED BY THE RESPONDENT BANK TO THE PETITIONER SOCIETY DTD. 20.12.2010 EXT. P2 : COPY OF THE SAID NOTICE ISSUED BY THE ADVOCATE COMMISSIONER TO THE PETITIONER SOCIETY DTD. 25.11.2011 EXT. P3 : COPY OF THE REPRESENTATION DTD. 10/12/2011 SUBMITTED BY THE PETITIONER BEFORE THE SECOND RESPONDENT WITH COPY TO THE FIRST RESPONDENT. RESPONDENTS' EXHIBITS : NIL / TRUE COPY / P.A. TO JUDGE NS S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.33410 of 2011 ---------------------------------------------- Dated this the 16th day of December, 2011 JUDGMENT The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondents for recovery of loan amounts due from the petitioner to the respondents. 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. However, taking a lenient view, I dispose of this writ petition with the following directions: The respondents shall permit the petitioner to pay off the balance amount due in twelve equal monthly instalments starting from 1.2.2012. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the instalments on due dates without default, further W.P.(C)No.33410/11 2 proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of any one 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. S. SIRI JAGAN, JUDGE acd W.P.(C)No.33410/11 3