IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 29TH JULY 2011 / 7TH SRAVANA 1933 WP(C).No. 20333 of 2011(N) --------------------------------------- PETITIONER(S): ----------------------- M.RATHI, W/O.SASINDRAN, MEPPADAM VETTATHU HOUSE, KANHIKULAM, MUNDR, PALAKKAD-678596. BY ADV. SRI.VINOD KUMAR.C RESPONDENT(S): ------------------------- 1. CORPORATION BANK, 11/447, MARKET ROAD, PALAKKAD REPRESENTED BY ITS MANAGER -678 001. 2. AUTHORIZED OFFICER/ASSISTANT GENERAL MANAGER, ZONAL OFFICE, CORPORATION BANK, KOCHI, ERNAKULAM 682 032. R1 & R2 BY ADV. SRI.MOHAN JACOB GEORGE, SMT.P.V.PARVATHI, SMT.REENA THOMAS, SRI.L.RAM MOHAN. THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 29/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss W.P.(C) NO.20333/2011 APPENDIX PETITIONER'S EXHIBITS P1:- COPY OF THE NOTICE DTD. 15.6.2011. P2:- COPY OF THE REQUEST SUBMITTED BY THE PETITIONER. RESPONDENT'S EXHIBITS NIL:- TRUE COPY P.S. TO JUDGE tss S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.20333 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 29th day of July, 2011 J U D G M E N T For recovery of loan amounts due from the petitioner to the respondents which the petitioner has defaulted payment of, the respondents have initiated proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) which is under challenge in this writ petition. But the petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amount in instalments. This is opposed by the counsel for the respondents. He would submits that, the account became NPA in 2007 and therefore the petitioner cannot be given any further indulgence in the matter. Having heard both sides, I dispose of this writ petition with the following directions: W.P.(C)No.20333 of 2011 -2- The petitioner shall pay an amount of Rs.50,000/- within one week from today. The balance amount shall be paid in 10 (ten) equal monthly instalments starting from 01.10.2011. 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 Rs.50,000/- or 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/