IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 2ND AUGUST 2011 / 11TH SRAVANA 1933 WP(C).No. 20089 of 2011(I) ---------------------------------- CMP.3200/2011 of C.J.M., ALAPPUZHA .................... PETITIONER(S): ----------------------- K.N. AJAYAKUMAR, S/O. NARAYANAN, AGED 45 YEARS, KAITHAKUZHIYIL, PERUMABALAM VILLAGE, CHERTHALA TALUK. BY ADVS. SRI.JOBY CYRIAC SRI.GEORGE SEBASTIAN RESPONDENT(S): ---------------------------- 1. THE AUTHORISED OFFICER, THE FEDERAL BANK LTD., SREE RAJARAJESWARY BUILDING,. MULAKKAL.P.O, ALAPPUZHA - 628 001. 2. THE MANAGER, FEDERAL BANK, POOCHAKKAL.P.O, ALAPPUZHA DISTRICT - 688 526. R1 & R2 BY ADVS. SRI.MOHAN JACOB GEORGE, SMT.P.V.PARVATHI , SRI.L.RAM MOHAN, SMT.REENA THOMAS. THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 02/08/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss W.P.(C) NO.20089/2011 APPENDIX PETITIONER'S EXHIBITS P1:- COPY OF THE NOTICE UNDER SECTION 13(2) OF THE ACT DTD. 23.3.2010. P2:- COPY OF THE POSSESSION NOTICE DTD. 1.11.2010 ISSUED BY THE IST RESPONDENT. P3:- COPY OF THE NOTICE DTD. 20.7.2011 ISSUED BY THE ADVOCATE COMMISSIONER IN PURSUANCE OF THE ORDER OF CJM ALAPPUZHA IN CMP. 3200/2011. P4:- COPY OF THE ADVANCES PAY-IN-SLIP DTD. 28.7.2011 FOR ONE LAKH RUPEES ISSUED BY THE 2ND RESPONDENT BANK. RESPONDENT'S EXHIBITS NIL:- TRUE COPY P.A. TO JUDGE tss S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.20089 OF 2011 ---------------------------------------------- Dated this the 2nd day of August, 2011 JUDGMENT The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondents for recovery of loan amounts due from the petitioner to the respondents. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the balance amounts due in instalments. 2. This is opposed by the learned counsel for the bank. 3. I have considered the rival contentions in detail. It is submitted before me that although belatedly, the petitioner has complied with the directions in the interim order dated 22.7.2011. In the above circumstances, this writ petition is disposed of with a direction to the respondents to permit the petitioner to pay off the balance amounts due in ten equal monthly instalments W.P.(C)No.20089/11 2 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 instalments on due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits 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.20089/11 3 W.P.(C)No.20089/11 4