IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 18TH JULY 2011 / 27TH ASHADHA 1933 WP(C).No. 13758 of 2011(T) ----------------------------------------- PETITIONER(S): ----------------------- 1. SUPRIYA, W/O.C.C. RAJESH KUMAR, AGED 37, CHANDRIKA BHAVAN, TC 39/1567, CHALAI PO., MANACAUD VILLAGE, THIRUVANANTHAPURAM. 2. C.C.RAJESH KUMAR, S/O. GOPINATHAN, AGED 42, CHANDRIKA BHAVAN, TC 39/1567, CHALAI PO., MANACAUD VILLAGE, THIRUVANANTHAPURAM. BY ADVS. SRI.M.RAMASWAMY PILLAI, SRI.P.M.JOSEPH. RESPONDENT(S): ---------------------------- 1. THE AUTHORISED OFFICER, TRIVANDRUM DISTRICT CO-OPERATIVE BANK, FORT,THIRUVANANTHAPURAM 695 023. 2. THE TRIVANDRUM DISTRICT CO-OPERATIVE BANK, REPRESENTED BY ITS BRANCH MANAGER, CHALAI, THIRUVANANTHAPURAM 695 023. R1 & R2 BY ADV. SRI. K.G. RADHAKRISHNAN,SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss WPC.NO.13758/2011 T APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF SALE DEED NO.1940/2001 DTD. 7/06/01. P2: COPY OF THE AGREEMENT DTD. 25/06/2004. P3: COPY OF NOTICE DTD. 9/03/2011 ISSUED BY 1ST RESPONDENT. P4: COPY OF MAHAZAR DTD. 9/3/11 PREPARED BY THE 1ST RESPONDENT. RESPONDENT'S EXHIBITS: N I L /TRUE COPY/ P.A.TO JUDGE Kss S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.13758 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 18th day of July, 2011 J U D G M E N T The petitioners are aggrieved by the proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) initiated by the respondents for recovery of defaulted loan amounts. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek facility to pay off the amount in instalments. 2. This is opposed by the learned counsel for the Bank. 3. This Court passed two interim orders on 24.05.2011 & 14.06.2011 as follows: 24.05.2011: Standing counsel to get instructions. Meanwhile further steps for dispossession and sale of the property shall be kept in abeyance subject to condition of the petitioner remitting a sum of Rs.1,00,000/- (Rupees one lakh only) on or before 10.6.2011 I.A. No.9030/2011 dated 14.06.2011: It is stated that a sum of Rs.50,000/- has already been paid. Petitioner seeks extension of time for payment of the balance amount. Petitioner not opposed. Extension is granted for payment W.P.(C)No.13758 of 2011 -2- of the balance amounts till 15.7.2011. Post on 18.7.2011. Needless to say that the interim order will continue till then.” It is now submitted that the amounts directed to be paid have already been paid. Having heard both sides, I dispose of this writ petition with a direction to the respondents to permit the petitioners to pay the balance amount due in 10 (ten) equal monthly instalments starting from 01.08.2011. 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, 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. Sd/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/