IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 6TH JULY 2011 / 15TH ASHADHA 1933 WP(C).No. 18007 of 2011(A) -------------------------------------- PETITIONER(S): ----------------------- 1. K.BHADRAN, S/O.K.KESAVAN, AGED 54 YEARS, M/S.MOTHER RUBBER PRODUCTS, VADAKKEKARA VEEDU, IDAKKIDOM P.O., EZHUKONE, KOLLAM .691 505. 2. SHEEJA, AGED 42, W/O.K.BHADRAN, D/O.PUSHKARAN, VADAKKEKARA VEEDU, IDAKKIDOM P.O., EZHUKONE, KOLLAM-691 505. BY ADV. SMT.I.S.LAILA RESPONDENT(S): ---------------------------- 1. UNION BANK OF INDIA REPRESENTED BY ITS BRANCH MANAGER, KOTTIYAM BRANCH, NEELA BUILDING, P.B.NO.1, KOTTIYAM-PIN- 69 1571. 2. UNION BANK OF INDIA, REPRESENTED BY ITS CHIEF MANAGER & AUTHORISED OFFICER, UNION BANK BHAVAN, M.G.ROAD, STATUTE, THIRUVANANTHAPURAM- PIN- 695 001. 3. THE STATE OF KERALA REPRESENTED BY SECRETARY TO THE GOVERNMENT, GOVERNMENT SECRETARIAT, THIRUVANANTHAPURAM.PIN-695 001 R1 & R2 BY ADV.SRI.A.S.P.KURUP,SC, UNION BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/07/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sts WP(C)NO.18007/2011 APPENDIX PETITIONER'S EXHIBITS: P1 COPY OF THE RELEVANT PAGES OF THE STATEMENT OF ACCOUNT ISSUED BY THE 1ST RESPONDENT BANK FOR THE PERIOD 1/11/2000 TO 30/9/2003 AND FROM 01/4/2010 TO 31/3/2011. P2 COPY OF THE RELEVANT PAGES OF THE CONCERNED STATEMENT OF ACCOUNTS ISSUED BY THE 1ST RESPONDENT BANK . P3 COPY OF THE STATEMENT OF ACCOUNT ISSUED BY THE 1ST RESPONDENT BANK. P4 COPY OF THE DEMAND NOTICE DATED 30/11/2010 ISSUED BY THE 1ST RESPONDENT. P5 COPY OF THE FINANCIAL STATEMENTS FOR THE YEAR 2008-09. P6 COPY OF THE FINANCIAL STATEMENTS FOR THE YEAR 2009-10. P7 COPY OF THE POSSESSION NOTICE ISSUED UNDER SECTION 13(2) OF THE SARFAESI ACT. P8 COPY OF THE REQUEST LETTER DATED 7/5/2011. P9 COPY OF THE DEMAND NOTICE DATED 16/5/2011 FROM THE ADVOCATE COMMISSIONER. P10 COPY OF THE INVOICE ISSUED TO THE CUSTOMER OF THE PETITIONER FOR RS.20,365/- P11 COPY OF THE INVOICE ISSUED TO THE CUSTOMER OF THE PETITIONER FOR RS.20,131/- P12 COPY OF THE INVOICE ISSUED TO THE CUSTOMER OF THE PETITIONER FOR RS.20,132/- P13 COPY OF THE INVOICE ISSUED TO THE CUSTOMER OF THE PETITIONER FOR RS.20,053/- P14 COPY OF THE INVOICE ISSUED TO THE CUSTOMER OF THE PETITIONER FOR RS.84,000/- P15 COPY OF THE INVOICE ISSUED TO THE CUSTOMER OF THE PETITIONER FOR RS.52,475/- RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ sts P.A.TO.JUDGE S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.18007 OF 2011 ---------------------------------------------- Dated this the 6th day of July, 2011 JUDGMENT The petitioners are aggrieved by proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by respondents 1 and 2 for recovery of certain amounts due from the petitioner towards a term loan and cash credit hypothecation account. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek time to regularise the loan account by paying the amounts due. 2. According to the learned Standing Counsel for the Bank for regularising the cash credit accounts, the petitioners have to pay off the dues in the term loan and the outstandings in the cash credit account which comes to Rs.11.5 lakhs. 3. The learned counsel for the petitioners seek instalment facility to pay off the amounts. 4. Having heard both sides, I dispose of this writ petition with the following directions: W.P.(C)No.18007/11 2 The petitioners shall pay Rs.11.5 lakhs in six equal monthly instalments starting from 1.8.2011. Every subsequent instalment shall be paid on the 1st working day of every succeeding month. On payment of the said Rs.11.5 lakhs, respondents 1 and 2 shall close the term loan and allow the petitioners to regularise the cash credit account. If the petitioners pay the instalments on due dates without default, further coercive proceedings shall be kept in abeyance. However, if the petitioners commit default in payment of any one of the instalment, it would be open to respondents 1 and 2 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.18007/11 3 W.P.(C)No.18007/11 4