IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 21ST NOVEMBER 2011 / 30TH KARTHIKA 1933 WP(C).No. 30983 of 2011 --------------------------------- MC.448/2011 of C.J.M.,TRIVANDRUM .................... PETITIONER: ------------------ NAZAR.A.K, AGED 47, S/O. ALIYARKUNJU, RESIDING AT ALSAFA VILLA, MUDAPURAM.P.O, KIZHUVILAM VILLAGE, CHIRAYANKEEZHU TALUK, THIRUVANANTHAPURAM DISTRICT. BY ADV. SRI.A.B.MOHANAKUMAR RESPONDENT: --------------------- THE AUTHORISED OFFICER (CHIEF MANAGER), UNION BANK OF INDIA, REGIONAL OFFICE, M.G.ROAD, STATUE, THIRUVANANTHAPURAM - 695 001. BY ADV. SRI A.S.P. KURUP, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: SKV WP(C).No. 30983 of 2011 ---------------------------------------- APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF THE COMPUTER STATEMENT OF ACCOUNTS DATED 06.08.2010 ISSUED FROM THE ATTINGAL BRANCH OF THE RESPONDENT BANK P2: COPY OF RECEIPTS FOR PAYMENTS MADE BY THE PETITIONER AFTER 16.06.2010 IN HIS LOAN ACCOUNT IN THE RESPONDENT BANK P3: COPY OF THE ORDER DATED 11.10.2011 IN MC NO. 448/2011 OF THE CHIEF JUDICIAL MAGISTRATE'S COURT, THIRUVANANTHAPURAM RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ PA TO JUDGE SKV S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 30983 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 21st day of November, 2011. J U D G M E N T The petitioner is challenging proceedings under the Securitisation and Reconstruction of Financial Assets and and Enforcement of Security interest Act, 2002 initiated by the respondent for recovery of defaulted loan amounts. The petitioner does not dispute the liability or quantum. The petitioner only seeks facility to pay off the amounts in instalments. 2. This is opposed by the counsel for the bank. He would point that on assurance that the petitioner would pay Rs. 32 lakhs by tomorrow, he got the further proceedings adjourned and thereafter the petitioner has rushed to this Court to file this writ petition, taking the bank for a ride. 3. Although, I am not happy with the conduct of the petitioner, I am inclined to grant the petitioner another opportunity to redeem himself. In the above circumstances, I dispose of this writ petition with the following directions: The petitioner shall pay an amount of Rs. 20 lakhs within one month. The balance shall be paid in six equal monthly instalments starting from 1.2.2012. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the amounts on the due dates without default, further coercive recovery proceedings shall be kept in abeyance. However, if the petitioner commits default in complying with any of the the above directions or in W.P(C) No. 30983 of 2011 -: 2 :- paying any one instalment, 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. Tds/