IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 9TH DECEMBER 2011 / 18TH AGRAHAYANA 1933 WP(C).No. 30561 of 2011(U) ------------------------------------- PETITIONER ------------------- SAINUDEEN.O., S/O.PAREEKUTTY, OTTUPARA HOUSE, AMAYUR P.O., PATTAMBI. BY ADV. SRI.K.MOHANAKANNAN SMT.A.R.PRAVITHA SMT.RASHMI RAVINDRAN RESPONDENTS --------------------- 1. THE FEDERAL BANK LTD., B REGD. OFFICE AT ALUVA, REP. BY ITS GENERAL MANAGER-683 101. 2. THE AUTHORISED OFFICER, REGIONAL OFFICER, FEDERAL BANK LTD., MISSION QUARTERS, TRISSUR-680 001. 3. THE BRANCH MANAGER, FEDERAL BANK LTD., PATTAMBI, PALAKKAD-679 303. R1 TO R3 BY ADVS. SRI.MOHAN JACOB GEORGE SMT.P.V.PARVATHI SMT.REENA THOMAS SRI.L.RAM MOHAN THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 09/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WPC NO 30561 OF 2011 APPENDIX PETITIONER'S EXHIBITS : EXT.P1TRUE COPY OF THE NOTICE DATED 22.7.2010 ISSUED BY THE BANK. EXT.P2TRUE COPY OF THE STATEMENT OF ACCOUNT FURNISHED BY THE BANK. EXT.P3TRUE COPY OF THE POSSESSION NOTICE DATED 27.1.2011 ISSUED BY THE BANK. EXT.P4TRUE COPY OF THE REPORT OF MATHRUBHUMI DAILY DATED 3.2.2011. EXT.P5TRUE COPY OF THE SALE NOTICE DATED 5.11.2011 ISSUED BY THE BANK. RESPONDENTS' EXHIBITS : NIL \\ TRUE COPY\\ P.A. TO JUDGE JM S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.30561 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 9th day of December, 2011 J U D G M E N T The petitioner is aggrieved by the proceedings under the Securitisation 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 petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amount in instalments. 2. This is opposed by the learned counsel for the Bank and he submit that the sale is posted to 13.12.2011. 3. Having heard both sides, I dispose of this writ petition with the following directions: The petitioner shall pay an amount of Rs.50,000/- (Rupees fifty thousand only) before 13.12.2011. The balance amount due shall be paid in 5 (five) equal monthly instalments starting from 02.01.2012. Every subsequent W.P.(C)No.30561 of 2011 -2- 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. Sd/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/