IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 19TH OCTOBER 2011 / 27TH ASWINA 1933 WP(C).No. 27336 of 2011(N) ------------------------ PETITIONER : --------------------- HARIKUMAR.K., HAREESH NIVAS, THAMALAM, POOJAPPURA P.O., THIRUVANANTHAPURAM. BY ADVS. SRI.SUMAN CHAKRAVARTHY SRI.A.S.ANILKUMAR RESPONDENT(S): ------------------------- 1. THE AUTHORIZED OFFICER, GENERAL MANAGER, KARAMANA CO-OPERATIVE URBAN BANK LTD. NO.1761, KARAMANA P.O., THIRUVANANTHAPURAM-695002. 2. THE KARAMANA CO-OPERATIVE URBAN BANK LTD.NO.1761, KARAMANA P.O., THIRUVANANTHAPURAM REPRESENTED BY ITS GENERAL MANAGER, THIRUVANANTHAPURAM-695002. R1 & R2 BY ADV. SRI. R.S. KALKURA, SC THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 19/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Mn ...2/- WP(C).No. 27336 of 2011(N) APPENDIX PETITIONER'S EXHIBITS: EXT.P1 TRUE COPY OF THE 13(2) NOTICE DATED 3.8.2010 EXT.P2 TRUE COPY OF THE ORDER DATED 5.7.11. RESPONDENT'S EXHIBITS : NIL //TRUE COPY// P.A. TO JUDGE Mn S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.27336 OF 2011 ---------------------------------------------- Dated this the 19th day of October, 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 the 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 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 petitioner 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 petitioner pays the instalments on due dates without default, further proceedings under the Act shall be kept in abeyance. However, if W.P.(C)No.27336/11 2 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.27336/11 3