IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 29TH AUGUST 2011 / 7TH BHADRA 1933 WP(C).No. 5163 of 2011(U) ------------------------------------- PETITIONER: ------------------- M.MAHEEN, PROPRIETOR, MEGHA AGENCIES, RESIDING AT NANFIYA MANZIL, A.V.STREET, BALARAMAPURAM, THIRUVANANTHAPURAM. BY ADVS. SRI.G.SUDHEER (KARAKONAM), SMT.M.JAYASREE. RESPONDENT: ---------------------- TAMILNAD MERCANTILE BANK LTD., KOTTUGAL BRANCH, REPRESENTED BY ITS AUTHORISED OFFICER, THIRUNELVELI REGION, REGISTERED OFFICE 57, V.E.ROAD, THOOTHUKUDI-628 002. BY ADV. SRI.RAJESH THOMAS. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29/08/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C). NO.5163/2011-U: APPENDIX PETITIONERS' EXHIBIT: EXT.P.1: COPY OF THE AUCTION NOTICE ISSUED BY THE RESPONDENT BANK TO THE PETITIONER DTD. 13/01/2011. RESPONDENTS' EXHIBITS: EXT.R1: COPY OF THE NOTICE U/S. 13(2) OF THE SARFAESI ACT DTD. 17/12/2008. EXT.R1.A: COPY OF THE POSTAL ACKNOWLEDGEMENT CARD OF NOTICE DTD. 17/12/2008 SIGNED BY THE BORROWER. EXT.R1.B: COPY OF THE POSTAL ACKNOWLEDGEMENT CARD OF NOTICE DTD. 17/12/2008 SIGNED BY THE GUARANTOR. EXT.R1.C: COPY OF THE POSSESSION NOTICE DTD. 05/03/2009. EXT.R1.D: COPY OF THE POSTAL ACKNOWLEDGEMENT CARD OF NOTICE DTD. 05/03/2009. EXT.R1.E: COPY OF THE NEWSPAPER PUBLICATION, WHEREIN THE POSSESSION NOTICE WAS PUBLISHED IN ENGLISH LANGUAGE DTD. 05/03/2009. EXT.R1.F: COPY OF THE NEWSPAPER PUBLICATION, WHEREIN THE POSSESSION NOTICE WAS PUBLISHED IN MALAYALAM LANGUAGE DTD. 05/03/2009. EXT.R1.G: COPY OF THE NOTICE OF SALE PUBLISHED IN THIRUVANANTHAPURAM EDITION OF MALAYALA MANORAMA DAILY DTD. 22/01/2011. EXT.R1.H: COPY OF THE NOTICE OF SALE PUBLISHED IN THE HINDU DAILY DTD. 22/01/2011. //TRUE COPY// P.A. TO JUDGE. Prv. S.SIRI JAGAN, J. ================== W.P.(C).No. 5163 of 2011 ================== Dated this the 29th day of August, 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 respondent 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 amount due in five 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 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 respondent 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