IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 10TH OCTOBER 2011 / 18TH ASWINA 1933 WP(C).No. 24220 of 2011(B) -------------------------- PETITIONER(S): --------------- 1. ABDUL KHADER HAJEE, S/O.MOHAMMED, KUDIR HOUSE, PRUMBALA P.O., KASARAGOD TALUK. 2. ABDUL RAHIMAN P. @ HAMEED P.A., S/O.MOHAMMED, KUDIR HOUSE, PRUMBALA P.O., KASARAGOD TALUK. BY ADV. SRI.P.K.MUHAMMED SRI.M.ABDUL RASHEED RESPONDENT(S): --------------- THE NORTH MALABAR GRAMIN BANK, MELPARAMBA BRANCH, P.O.PERUMBALA, KASARAGOD DISTRICT, REPRESENTED BY THE MANAGER, PIN - 671 121. BY SRI.DEVAN RAMACHANDRAN, SC THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 10/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: SU W.P.C.NO.24220/2011 APPENDIX PETITIONERS' EXHIBITS: P1- COPY OF THE NOTICE ISSUED BY THE RESPONDENT BANK DATED 11.7.2011. P2- COPY OF THE REPLY NOTICE SENT BY THE PETITIONER TO THE BANK. P3- COPY OF THE STATEMENT OF ACCOUNT OF THE IST PETITIONER IN THE RESPONDENT BANK. RESPONDENT'S EXHIBITS: NIL. /TRUE COPY/ P.A. TO JUDGE SU S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.24220 OF 2011 ---------------------------------------------- Dated this the 10th day of October, 2011 JUDGMENT The petitioners challenge proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondent bank for recovery of the loan amounts due from the petitioners to the respondent bank. 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. However, taking a lenient view, I dispose of this writ petition with the following directions: The respondent shall permit the petitioners to pay off the balance amount due in ten equal monthly instalments starting from 1.11.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioners pay the instalments on due dates without default, W.P.(C)No.24220/10 2 further proceedings under the Act shall be kept in abeyance. However, if the petitioners commit 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. S. SIRI JAGAN, JUDGE acd W.P.(C)No.24220/10 3