IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 20TH DECEMBER 2011 / 29TH AGRAHAYANA 1933 WP(C).No. 33938 of 2011(N) ---------------------------------- PETITIONER(S): -------------------- NARAYANAN M, S/O.KUNHIKUTTAN, CHERUVATTU THAZHATHU VEEDU, P.O.KIZHAKKUMURI, KAKKODI, KOZHIKODE DIST BY ADVS. SRI.K.M.FIROZ SMT.M.SHAJNA RESPONDENT(S): -------------------- 1. THE KOZHIKODE DISTRICT CO.OOPERATIVE BANK LTD, HEAD OFFICE, P.B.NO.503,KALLAI ROAD, CHALAPPURAM P.O.,KOZHIKODE-673002 REP.BY ITS SENIOR MANAGER AND AUTHORISED OFFICER 2. UNION OF INDIA, REP.BY THE SECRETARY (BANKING & INSURANCE) DEPARTMENT OF ECONOMIC AFFAIRS, MINISTRY OF FINANCE,PARLIAMENT STREET, NEW DELHI-110001 R2 BY ADV. SMT.D.P.RENU,CGC, THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 20/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: svs W.P.(C). NO. 33938/2011 APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF THE NOTICE ISSUED BY THE FIRST RESPONDENT TO THE PETITIONER UNDER SECTION 13(2) OF THE SECURITISATIN AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A. TO JUDGE. svs S.SIRI JAGAN, J. ================== W.P.(C).No. 33938 of 2011 ================== Dated this the 20th day of December, 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 16.1.2012. Every subsequent instalment shall be paid on the first working day after 15th 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 :-