IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 11TH AUGUST 2011 / 20TH SRAVANA 1933 WP(C).No. 21467 of 2011(G) ------------------------ PETITIONER(S): ------------------------ 1. SURESH KUMAR, KALEELUVILAYIL, AYITHOTTUVA, WEST KALLADA P.O., KOLLAM (DIST.). 2. K.SHEELA, KALEELUVILAYIL, AYITHOTTUVA, WEST KALLADA P.O., KOLLAM (DIST.). BY ADV. SMT.G.VIDYA RESPONDENT : ----------------------- KOTAK MAHINHRA BANK LTD, 1ST FLOOR, TRUST PHARMA BUILDING, KAYATH LANE, JANATHA JUNCTION, PALARIVATTAM, COCHIN-25, REPRESENTED BY ITS AUTHORISED OFFICER. BY ADV. SRI. LAL K. JOSEPH THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 11/08/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Mn ...2/- WP(C).No. 21467 of 2011(G) APPENDIX PETITIONER'S EXHIBITS: EXT.P1 : COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED 22.06.2011. RESPONDENT'S EXHIBITS - NIL //TRUE COPY// P.S. TO JUDGE Mn S.SIRI JAGAN, J. ================== W.P.(C).No. 21467 of 2011 ================== Dated this the 11th day of August, 2011 J U D G M E N T The petitioners challenge proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, initiated by the respondent for recovery of loan amounts defaulted by the petitioners. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek facility to pay off the amounts due in instalments. 2. This is opposed by the learned counsel for the bank. 3. Having heard both sides, I dispose of this writ petition with the following directions: The petitioners shall pay the balance amount due in ten 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 petitioners pay the instalments on the due dates without default, coercive proceedings for recovery of the amounts shall be kept in abeyance. However, if the petitioners commit default in payment of any of the instalments, it would be open to the respondent 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