IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 23RD NOVEMBER 2011 / 2ND AGRAHAYANA 1933 WP(C).No. 31143 of 2011(P) -------------------------- PETITIONERS: ------------ 1. GOPALAN.V.K., S/O.SAMI, AGED 59, KOLLOTH HOUSE, ATHOLI P.O., PIN-673315. 2. LATHA, W/O.GOPALAN, AGED 48, KOLLOTH HOUSE, ATHOLI P.O., PIN-673315. BY ADV. SRI.E.NARAYANAN RESPONDENTS: ------------ 1. THE KOZHIKODE DISTRICT C0-OPERATIVE BANK LTD., REG.NO.F1635, REPRESENTED BY ITS MANAGER, HEAD OFFICE, P.B.NO.503, CHALAPPURAM P.O., KOZHIKODE-673 002. 2. THE KOZHIKODE DISTRICT CO-OPERATIVE BANK LTD., REPRESENTED BY ITS SENIOR MANAGER, KALLAI ROAD, KOZHIKODE-673 002. BY ADV. SRI. P.V. KUNHI KRISHNAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 23/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: dlk wP(C).No. 31143 of 2011(P) APPENDIX PETITIONERS EXHIBITS : EXT.P1 : COPY OF THE DEMAND NOTICE DATED 15.09.11 ISSUED BY THE RESPONDENTS TO THE PETITIONERS. RESPONDENTS' EXHIBITS : NIL //TRUE COPY// P.A. TO JUDGE dlk S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.31143 of 2011 ---------------------------------------------- Dated this the 23rd day of November, 2011 JUDGMENT The petitioners challenge 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 petitioners to the respondents. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek 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 petitioners to pay off the balance amount due in ten equal monthly instalments starting from 1.1.2012. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioners W.P.(C)No.31143/11 2 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. S. SIRI JAGAN, JUDGE acd W.P.(C)No.31143/11 3