IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 13TH OCTOBER 2011 / 21ST ASWINA 1933 WP(C).No. 26745 of 2011(P) ----------------------- PETITIONER(S): ----------------------- 1. C.P.SHAFEER, S/O.ABDUL HAMEED, DEEMAH COTTAGE, KUTHUKAL ROAD, KARUVAMPADAM P.O., MANJERI. 2. C.P.SHANEEL, S/O.ABDUL HAMEED, DEEMAH COTTAGE, KUTHUKAL ROAD, KARUVAMPADAM P.O., MANJERI. 3. SMT.V.SAROO, W/O.C.P.HAMEED, DEEMAH COTTAGE, KUTHUKAL ROAD, KARUVAMPADAM P.O., MANJERI. BY ADVS. SRI.V.V.SURENDRAN SRI.P.A.HARISH RESPONDENT(S): ------------------------- 1. STATE BANK OF TRAVANCORE, REPRESENTED BY IT'S CHIEF MANAGER, MANJERI BRANCH, MANJERI - 676121. 2. THE AUTHORISED OFFICER, STATE BANK OF TRAVANCORE, MANJERI BRANCH, MANJERI - 676121. 3. THE REGIONAL MANAGER, STATE BANK OF TRAVANCORE, ZONAL OFFICE, KOZHIKODE - 673016. R1 TO R3 BY ADV. SRI. T. SETHUMADHAVAN, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 13/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Mn ...2/- WP(C).No. 26745 of 2011(P) APPENDIX PETITIONER'S EXHIBITS: EXT.P-1 TRUE COPY OF THE STATEMENT OF ACCOUNT EVIDENCING PAYMENT OF RS.3,70,000/- AS PER THE ADALATH. EXT.P-2 TRUE COPY OF THE NOTICE ADDRESS TO PETITIONERS 1 AND 2. EXT.P-3 TRUE COPY OF THE NOTICE ADDRESS TO 3RD PETITIONER. EXT.P-4 TRUE COPY OF THE LETTER DATED 7.5.2011 EXT.P-5 TRUE COPY OF THE LETTER DATED 12.8.2011 RESPONDENT'S EXHIBITS : NIL //TRUE COPY// P.A. TO JUDGE Mn S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.26745 OF 2011 ---------------------------------------------- Dated this the 13th day of October, 2011 JUDGMENT The petitioners challenge proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondents for recovery of the loan amounts due from the petitioners to the respondents. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek facility to pay off the amounts due in instalments. 2. This is opposed by the learned counsel for the bank. However, taking a lenient view, I dispose of this writ petition with the following directions: The respondents shall permit the petitioners to pay off the balance amount due in six equal monthly instalments starting from 1.11.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioners pay the instalments on due dates without default, all proceedings under the Act in respect of the loan which is the W.P.(C)No.26745/11 2 subject matter of this writ petition shall be kept in abeyance. However, if the petitioners commit default in payment of any one 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. S. SIRI JAGAN, JUDGE acd W.P.(C)No.26745/11 3