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. 26650 of 2011(E) -------------------------- PETITIONER(S): ----------------------- 1. P.SUDHAKARAN, SUDHAKARA VILASOM, PADUVATHIL HOUSE, KADANGALLOR, U.C.COLLEGE PO, ALUVA, ERNAKULAM DISTRICT. 2. USHA SUDHAKARAN, W/O.SUDHAKARAN, SUDHAKARA VILASOM, PADUVATHIL HOUSE, KADANGALLOR, U.C.COLLEGE PO, ALUVA, ERNAKULAM DISTRICT. BY ADV. SRI.G.SANTHOSH KUMAR (P). RESPONDENT(S): ------------------------- 1. UCO BANK, M.G.ROAD, RAVIPURAM, ERNAKULAM, REPRESENTED BY ITS CHIEF MANAGER, PIN 682 016. 2. THE AUTHORISED OFFICER CUM SENIOR MANAGER, UCO BANK, M.G.ROAD, RAVIPURAM, ERNAKULAM, PIN 682 016. ADV. SRI.GEORGE KARITHANAM VARGHESE, 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. 26650 of 2011(E) APPENDIX PETITIONER'S EXHIBITS: EXHIBIT P1 TRUE COPY OF NOTICE DATED 30/4/2011 ISSUED BY THE 2ND RESPONDENT TO THE PETITIONER UNDER SECTION 13(2) OF THE SARFESI ACT EXHIBIT P2 TRUE COPY OF THE NOTICE DATED 14/2/2011 ISSUED BY THE 2ND RESPONDENT TO THE PETITIONER UNDER SECTION 13(2) OF THE SARFESI ACT. EXHIBIT P3 TRUE COPY OF THE PAPER PUBLICATION DATED 14/9/2011 PUBLISHED IN MATHRUBHUMI DAILY. RESPONDENT'S EXHIBITS : NIL //TRUE COPY// P.A. TO JUDGE Mn S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.26650 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 ten 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, W.P.(C)No.26650/11 2 further proceedings under the Act 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.26650/11 3