IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 15TH JULY 2011 / 24TH ASHADHA 1933 WP(C).No. 19345 of 2011(P) --------------------------------------- PETITIONER(S): -------------------------- MR.MANIYAN, PROPRIETOR, M/S.WOOD PALACE,NADARUVELY, VANDANAM, PUNNAPRA P.O.,ALLEPPEY DISTRICT BY ADV. SRI.SIVARAM R.MENON SRI.V.SHANKAR SRI.UMASANKAR RESPONDENT(S): -------------------------- THE MANAGER UNION BANK OF INDIA, KABEER PLAZA, V.C.S.B.ROAD, ALAPPUZHA.688 001 BY ADV.SRI.A.S.P.KURUP,SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 15/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sts WP(C)NO.19345/2011 APPENDIX PETITIONER'S EXHIBITS: P1 COPY OF THE COUNTERFOIL EVIDENCING PAYMENT OF RS.7500/-, DATED 2/8/2007. P1(A) COPY OF THE COUNTERFOIL EVIDENCING PAYMENT OF RS.5000/- DATED 16/8/2007. P1(B) COPY OF THE COUNTERFOIL EVIDENCING PAYMENT OF RS.20,000/-, DATED 22/3/2008 P1(C) COPY OF THE COUNTERFOIL EVIDENCING PAYMENT OF RS.7000/-, DATED 22/12/2008. P1(D) COPY OF THE COUNTERFOIL EVIDENCING PAYMENT OF RS.10,000/-, DATED 19/6/2009. P1(E) COPY OF THE COUNTERFOIL EVIDENCING PAYMENT OF RS.6000/-, DATED 16/7/2009. P1(F) COPY OF THE COUNTERFOIL EVIDENCING PAYMENT OF RS.5000/-, DATED 26/9/2009. P1(G) COPY OF THE COUNTERFOIL EVIDENCING PAYMENT OF RS.7500/-, DATED 20/11/2009. P1(H) COPY OF THE COUNTERFOIL EVIDENCING PAYMENT OF RS.5000/-, DATED 31/12/2009. P1(I) COPY OF THE COUNTERFOIL EVIDENCING PAYMENT OF RS.7300/-, DATED 15/2/2010. P1(J) COPY OF THE COUNTERFOIL EVIDENCING PAYMENT OF RS.1000/-, DATED 10/7/2010. P2 COPY OF THE NOTICE UNDER SECTION 13(2) OF THE SARFAESI ACT, DATED 28/4/2010. P3 COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER IN CMP NO.3307 OF 2011 BEFORE THE CHIEF JUDICIAL MAGISTRATE COURT, ALAPPUZHA. DATED 8/7/2011. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A.TO.JUDGE S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.19345 OF 2011 ---------------------------------------------- Dated this the 15th day of July, 2011 JUDGMENT The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act for recovery of loan amounts due from the petitioner to the respondent bank. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amounts 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 petitioner shall pay an amount of Rs.1.25 lakhs within one month from today. The balance amount shall be paid in six 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 initial W.P.(C)No.19345/11 2 amount and the instalments on due dates without default, further proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act shall be kept in abeyance. However, if the petitioner commits default in payment of either the initial amount or any of the subsequent 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.19345/11 3 W.P.(C)No.19345/11 4