IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 23RD SEPTEMBER 2011 / 1ST ASWINA 1933 WP(C).No. 25005 of 2011(A) -------------------------- CMP.4058/2011 of C.J.M., ALAPPUZHA .................... PETITIONER(S): --------------- M/S.BEST ALUMINIUM, REP. BY ITS PROP. PRAKASH VARGHESE, K.P.ROAD, KATTACHIRA, PALLICKAL P.O., ALAPPUZHA. BY ADV. SRI.R.SUNIL KUMAR SMT.A.SALINI LAL RESPONDENT(S): --------------- 1. THE AUTHORISED OFFICER, SOUTH INDIAN BANK, REGIONAL OFFICE, HOTEL SAFA INTERNATIONAL BUILDING, MALAYALAM MANORAMA ROAD, THIRUVANANTHAPURAM - 695 014. 2. THE BRANCH MANAGER, SOUTH INDIAN BANK, GALAXY, BP XII-339 B2, KATTANAM BRANCH, KATTANAM JN, KAYAMKULAM - 690503. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 23/09/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C).No. 25005/2011 APPENDIX PETITIONER(S) EXHIBITS EXT-P1 COPY OF 13(2) NOTICE ISSUED BY THE 2ND RESPONDENT ON 11/11/10. EXT-P2 COPY OF THE RECEIPTS (5 NOS) EXT-P3 COPY OF THE NOTICE ISSUED BY THE COMMISSIONER DATED 16/9/11 sdk+ ///True copy/// P.A. to Judge . S.SIRI JAGAN, J. ================== W.P.(C).No. 25005 of 2011 ================== Dated this the 23rd day of September, 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, initiated by the respondents for recovery of loan amounts defaulted by the petitioner. 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. 3. However, taking a lenient view, I dispose of this writ petition with the following directions; The petitioner shall pay the balance amounts due in ten equal monthly instalments starting from 1.10.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the instalments on the due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of any 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. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge 2