IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 25TH OCTOBER 2011 / 3RD KARTHIKA 1933 WP(C).No. 27521 of 2011(M) -------------------------------------- PETITIONER(S): ---------------------- PANNIKANDATHIL AMINA, W/O.E.P.HUSSAIN ERAYATHUPARAMBIL, ATHAVANADU VILLAGE, TIRUR TALUK. BY ADV. SRI.BLAZE K.JOSE SMT.B.BINDU RESPONDENT(S): ----------------------- 1. KOTTAKKAL CO-OPERATIVE URBAN BANK LTD.NO.1378, PUTHANATHANI EVENING BRANCH, PUTHANATHANI, MALAPPURAM DISTRICT, REPRESENTED BY ITS BRANCH MANAGER, PIN-676 552. 2. THE AUTHORIZED OFFICER, THE GENERAL MANAGER IN CHARGE, KOTTAKKAL CO-OPERATIVE URBAN BANK LTD.NO.1378, HO: KOTTAPADI, KOTTAKKAL, MALAPPURAM DISTRICT, PIN-676 101. BY ADV. SRI.DEVA PRASANTH, SC THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 25/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss W.P.(C) NO.27521/2011 APPENDIX PETITIONER(S) EXHIBITS P1- A TRUE COPY OF THE NEWS REPORT IN THE FINANCIALEXPRESS DATED 20.2.2003. P2- A TRUE COPY OF THE NEWS REPORT IN THE FINANCIAL EXPRESS DATED 11.2.2003. P3- A TRUE COPY OF THE PETITION IN CMP NO.837/11 BEFORE THE CHIEF JUDICIAL MAGISTRATE, MANJERI. P4- A TRUE COPY OF THE STATEMENT OF THE IST RESPONDENT BANK. P5- A TRUE COPY OF THE COPY OF THE ORDER DATED 21.6.2011 OF THE CJM, MANJERI. P6- A TRUE COPY OF THE REPRESENTATION DATED 1.10.2011. RESPONDENTS' EXHIBITS NIL:- TRUE COPY P.A. TO JUDGE tss S.SIRI JAGAN, J. ================== W.P.(C).No. 27521 of 2011 ================== Dated this the 25th day of October, 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 eight equal monthly instalments starting from 1.12.2011. 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