IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 27TH SEPTEMBER 2011 / 5TH ASWINA 1933 WP(C).No. 25678 of 2011(H) --------------------------------------- PETITIONER(S): --------------------------- JAYAPRAKASH.K., S/O.R.KOPPU, PANTHAMPADAM HOUSE, EDATHARA, PALAKKAD. BY ADV. SMT.E.V.MOLY RESPONDENT(S): ------------------------- DHANALAKSHMI BANK LIMITED, DHANALAKSHMI BANK BUILDING, POOMKUNNAM, THRISSUR-680 002, REPRESENTED BY ITS AUTHORIZED OFFICER. BY ADV. SRI.C.K.KARUNAKARAN, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27/09/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss W.P.(C) NO.25678/2011 APPENDIX PETITIONER(S) EXHIBITS EXT. P1:-TRUE COPY OF THE NOTICE DATED 20/06/11 PUBLISHED UNDER SEC.13(2) OF THE SARFAESI ACT. EXT. P2:-TRUE COPY OF THE NOTICE DATED 02/09/11 PUBLISHED UNDER SEC.13(4) OF THE SARFAESI ACT. EXT. P3:-TRUE COPY OF THE RECEIPT FOR PAYMENT OF RS.1,00,000/-. RESPONDENTS' EXHIBITS NIL:- TRUE COPY P.A. TO JUDGE tss S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.25678 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 27th day of September, 2011 J U D G M E N T The petitioner is aggrieved by the proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) initiated by the respondent for recovery of defaulted loan amounts. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amount in instalments. 2. This is opposed by the learned counsel for the Bank. 3. Having heard both sides, I am of opinion that the respondent can show some more leniency to the petitioner in the matter of payment of the balance amount due in instalments. Accordingly, this writ petition is disposed of with a direction to the respondent to permit the petitioner to pay off the balance amount due in 10 (ten) equal monthly instalments starting from 01.11.2011. Every subsequent W.P.(C)No.25678 of 2011 -2- instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the instalments on due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits 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. Sd/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/