IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 25TH NOVEMBER 2011 / 4TH AGRAHAYANA 1933 WP(C).No. 29340 of 2011(N) --------------------------------------- PETITIONER: ------------------- ROY JOSEPH, S/O.JOSEPH, PUTHUSSERIKUNNEL HOUSE, VAZHATHOPPU, THADIYAMPADU P.O., IDUKKI DISTRICT. BY ADV. SRI.JAISON JOSEPH. RESPONDENTS: ------------------------ 1. THE FEDERAL BANK LTD., IDUKKI BRANCH, COLONY P.O., 685 602, IDUKKI DISTRICT, REP. BY ITS BRANCH MANAGER. 2. THE AUTHORIZED OFFICER AND CHIEF MANAGER, THE FEDERAL BANK LTD., REGIONAL OFFICE, THEKKUMKAL BUILDINGS, T.B.ROAD, KOTTAYAM-686 001. R1 & R2 BY ADVS. SRI.MOHAN JACOB GEORGE, SMT.P.V.PARVATHI, SMT.REENA THOMAS, SRI.L.RAM MOHAN. THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 25/11/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C).NO.29340/2011-N: APPENDIX PETITIONER'S EXHIBITS:- EXT.P1: TRUE PHOTOCOPY OF THE NOTICE DATED 3/11/2010 UNDER SEC.13(2) OF THE SARFAESI ACT ISSUED BY RESPONDENT NO.2. EXT.P2: THE TRUE PHOTOCOPY OF THE POSSESSION NOTICE DATED 13/9/2011 UNDER SEC.13(4) OF THE SARFAESI ACT ISSUED BY RESPONDENT NO.2. RESPONDENTS' EXHIBITS:- NIL. //TRUE COPY// P.A. TO JUDGE Prv. S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.29340 of 2011 ---------------------------------------------- Dated this the 25th day of November, 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 the 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 eight equal monthly instalments starting from 2.1.2012. 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.29340/11 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.29340/11 3