IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 4TH JULY 2011 / 13TH ASHADHA 1933 WP(C).No. 16063 of 2011(G) -------------------------- PETITIONER(S): --------------- VINOD KUMAR.M.T., USHUS, UPSLRA-75, AMBALATHARA, THIRUVANANTHAPURAM. BY ADV. SRI.R.GOPAN SRI.SHAJIN S.HAMEED RESPONDENTS: --------------- 1. THE REGIONAL MANAGER, UNION BANK OF INDIA, THIRUVANANTHAPURAM, PIN 695 001. 2. THE MANAGER, UNION BANK OF INDIA, THIRUVANANTHAPURAM MAIN BRANCH, THIRUVANANTHAPURAM-695 001. 3. THE AUTHORISED OFFICER, UNION BANK OF INDIA, THIRUVANANTHAPURAM-695 001. SRI.A.S.P.KURUP, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 16063 of 2011(G) APPENDIX --------------- PETITIONER'S EXHIBITS ------------------------------------ P1:- PHOTOCOPY OF THE ORDER DATED 9.11.2010 IN I.A.NO.2967/2010 IN S.A.NO.681/2010 OF THE DEBT RECOVERY TRIBUNAL, ERNAKULAM. P2:- PHOTOCOPY OF THE RECEIPT DATED 28.5.2011 ISSUED BY THE UNION BANK OF INDIA DATED 28.5.2011 P3:- PHOTOCPY OF THE ORDER DATED 14.3.2011 IN CMP NO.3519/2010 OF THE COURT OF THE CHIEF JUDICIAL MAGISTRATE, THIRUVANANTHAPURAM. P4:- PHOTOCOPY OF THE NOTICE DATED 3.6.2011 ISSUED BY ADVOCAE TO THE PETITIONER. //TRUE COPY// PA TO JUDGE. S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.16063 OF 2011 ---------------------------------------------- Dated this the 4th day of July, 2011 JUDGMENT The petitioner is a defaulter in repayment of loan amounts taken by him from the Union Bank of India. The bank initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act for recovery of the amounts due under the loan account. That is under challenge in this writ petition. The petitioner does not dispute the liability to pay or the quantum. He only seeks facility to pay off the amounts in instalments. 2. The learned Standing Counsel for the bank points out that the petitioner had earlier approached this Court by filing W.P.(C)No.5818/2008, in which the petitioner was given the facility to regularise the loan account by paying the defaulted amounts and permitting him to pay the future instalments as per the original loan agreement. Despite the same, the petitioner was not able to make the payments. He also points out that the petitioner has not also complied with the interim order in this writ petition passed on 15.6.2011 by paying Rs.2,50,000/- before W.P.(C)No.16063//11 2 30/6/2011 as directed. 3. The learned counsel for the petitioner submits that, that amount is being paid today. 4. In the facts and circumstances of the case, taking a lenient view, I dispose of this writ petition with the following directions: If the petitioner pays Rs.2,50,000/- as directed in the interim order today, it would be accepted as paid within time. The balance amount shall be paid in ten equal monthly instalments starting from 1.8.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the initial amount and the instalments on due dates without default, further proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act shall be kept in abeyance. However, if the petitioner commits default in payment either the initial amount or any of the subsequent 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.16063//11 3 W.P.(C)No.16063//11 4