IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 21ST NOVEMBER 2011 / 30TH KARTHIKA 1933 WP(C).No. 29643 of 2011(E) --------------------------------------- PETITIONER(S): ------------------------- RAJESH KUMAR, AGED 31 YEARS, S/O.CHANDRASEKHARAN NAIR, UMADEVISADANAM, CMC 21, CHERTHALA-688 524. BY ADV. SRI.N.K.MOHANLAL RESPONDENT(S): --------------------------- 1. CHIEF MANAGER (AUTHORISED OFFICER), STATE BANK OF INDIA, REGIONAL BUSINESS OFFICE, BEACH ROAD, ALAPPUZHA-688 001. 2. BRANCH MANAGER, STATE BANK OF INDIA, CHERTHALA-688 524. R1 & R2 BY SRI.K.K.CHANDRAN PILLAI, SENIOR ADVOCATE BY ADV. SRI.A.S.SAJUSH PAUL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sts WP(C)NO.29643/2011 APPENDIX PETITIONER'S EXHIBITS: P1 COPY OF THE SECTION 13(2) NOTICE DATED 30/8/2010 ISSUED BY THE BANK TO PETITIONER. P2 COPY OF THE JUDGMENT IN WP(C)NO.32728/2010 DATED 27/10/10. P3 COPY OF THE REPRESENTATION DATED 10/11/2010 P4 COPY OF THE POSTAL RECEIPT DATED 12/11/2010. P5 COPY OF THE POSSESSION NOTICE IN MATHRUBHOOMI DAILY DATED 26/10/2011. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A.TO.JUDGE sts S.SIRI JAGAN, J. ================== W.P.(C).No. 29643 of 2011 ================== Dated this the 21st day of November, 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 1.12.2011. 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 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 :-