IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 10TH NOVEMBER 2011 / 19TH KARTHIKA 1933 WP(C).No. 30064 of 2011(G) -------------------------- MC.223/2011 of CHIEF JUDICIAL MAGISTRATE COURT,THIRUVANANTHAPURAM .................... PETITIONER(S): ------------------------- A.DILEEP, AGED 51 YEARS, S/O.AYYAN, JEEVAN BHAVAN, KARETTE, PULIMATHU PO, PIN - 695 612, THIRUVANANTHAPURAM DISTRICT. BY ADV. SRI.D.ROBINSON RESPONDENT(S): -------------------------- STATE BANK OF INDIA, REPRESENTED BY ITS AUTHORISED OFFICER, CHIEF MANAGER, REGIONAL BUSINESS KOLAM OFFICE, RAVIS ARCADE, NEAR IRON BRIDGE, KOLLAM - 691 013. BY ADV. SRI. N.RAJAGOPALAN NAIR, SC, SBI THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 10/11/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss WPC.NO.30064/2011 G APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF ORDER DTD. 26/07/2011 IN M.C.223/2011 OF C.J.M. COURT, THIRUVANANTHAPURAM. P2: COPY OF THE LETTER DTD. 28/09/2011 ISSUED BY THE BANK. RESPONDENT'S EXHIBITS: N I L /TRUE COPY/ P.A.TO JUDGE Kss S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.30064 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 10th day of November, 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 (SARFAESI Act) initiated by the respondent for recovery of loan amounts due from the petitioner to the respondent. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amount in five equal monthly instalments. 2. The learned Standing Counsel for the Bank opposes the prayers. 3. Having heard both sides, I dispose of this writ petition with the following directions: The respondent shall permit the petitioner to pay off the balance amount due in 5 (five) equal monthly instalments starting from 01.12.2011. Every subsequent instalment shall be paid on the W.P.(C)No.30064 of 2011 -2- first working day of every succeeding month. If the petitioner pays the instalments on due dates without default, further 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 respondent to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. If possession has not been taken today as proposed, possession shall not be taken for the present. If possession has already been taken, the same shall be returned to the petitioner on the petitioner paying the first instalment. Sd/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/