IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 19TH AUGUST 2011 / 28TH SRAVANA 1933 WP(C).No. 10840 of 2010(D) --------------------------------------- PETITIONER(S): ---------------------- VINODKUMAR T.K., S/O. SANKARAN, THOOMBRAM KUNNATH HOUSE, P.O. PUTHUR, KOTTAKKAL, MALAPPURAM DISTRICT. BY ADV. SRI.P.VENUGOPAL. RESPONDENT(S): -------------------------- 1. THE FEDERAL BANK LIMITED, KOTTAKKAL BRANCH, KOTTAKKAL, REPRESENTED BY ITS MANAGER. 2. AUTHORIZED OFFICER, THE FEDERAL BANK LIMITED, REGIONAL OFFICE, MISSION QUARTERS, THRISSUR-680 001. R1 & R2 BY ADV. SRI.GEORGE VARGHESE (MANACHIRACKEL), SRI.K.J.CHACKOCHAN. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19/08/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: rs WP(C).No. 10840 of 2010(D) APPENDIX PETITIONER'S EXHIBITS: EXT.P1: COPY OF THE SALE NOTICE DATED 24/02/2010 ISSUED BY THE SECOND RESPONDENT. RESPONDENT'S EXHIBITS: NIL. //TRUE COPY// P.S. TO JUDGE rs S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 10840 of 2010 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 19th day of August, 2011. J U D G M E N T The petitioner is a defaulter in repayment of loan amounts due to the respondents. The respondents have initiated proceedings under the Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for recovery of the same, which is under challenge in this writ petition. However, the petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amounts in instalments. This is opposed by the counsel for the bank. However, taking a lenient view, I dispose of this writ petition with a direction to the respondents to permit the petitioner to pay off the amounts due in 4 equal monthly instalments starting from 1.9.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the instalment amounts on due dates without default, proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of 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. Sd/- S. Siri Jagan, Judge. Tds/