IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 10TH OCTOBER 2011 / 18TH ASWINA 1933 WP(C).No. 26268 of 2011(G) ---------------------------------------- CMP.3109/2010 OF CHIEF JUDICIAL MAGISTRATE COURT, THIRUVANANTHAPURAM. .................... PETITIONER(S): ----------------------- N. CHANDRAN, S/O.NARAYANAN NADAR, AGED 51 YEARS, MUTTAKONATHU VILAYIL VEEDU, EDUKKUMTHALA KOCHIRA P.O., THIRUVANANTHAPURAM-695 515. BY ADV. SRI.SREEKANTH S.NAIR RESPONDENT(S): -------------------------- THE AUTHORISED OFFICER, MANAGER, NEDUMANGAD CO-OPERATIVE URBAN BANK LTD.NO.3193, NEDUMANGAD P.O., THIRUVANANTHAPURAM- 695 541. BY THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 10/10/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: rs WP(C).No. 26268 of 2011(G) APPENDIX PETITIONER'S EXHIBITS: EXT.P1: COPY OF THE CMP. NO.3109/2010. EXT.P2: COPY OF THE ADVOCATE NOTICE. RESPONDENT'S EXHIBITS:- NIL. //TRUE COPY// P.S. TO JUDGE rs S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 26268 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 10th day of October, 2011. J U D G M E N T The petitioner challenges proceedings under the Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 initiated by the respondent. The petitioner does not dispute the liability to pay or the quantum. He only seeks facility to pay off the amounts in instalments. This is opposed by the counsel for the bank. 2. On 3.10.2011, I passed the following interim order: “Notice by special messenger. Post on 10.10.2011. If the petitioner pays an amount of Rs. 50,000/- (Rupees fifty thousand only) by that time, status quo as on today shall be maintained till 10th October, 2011.” 3. The learned counsel for the petitioner submits that Rs. 50,000/- is being paid today. In the above circumstances, taking a lenient view, I dispose of this writ petition with the following directions: The petitioner shall pay Rs. 50,000/- today itself. The balance amount shall be paid in 10 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 petitioners pay the instalment amounts on due dates without default, proceedings under the Act shall be kept in abeyance. However, if the petitioners commit default in payment of any W.P(C) No. 26268 of 2011 -: 2 :- one instalment, it would be open to the respondent to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Sd/- S. Siri Jagan, Judge. Tds/