IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 22ND DECEMBER 2011 / 1ST POUSHA 1933 WP(C).No. 34001 of 2011(A) ------------------------------------- CMP.8356/2011 of C.J.M.,KOLLAM .................... PETITIONER(S): ----------------------- SOMARAJAN, S/O. NANU, AGED 62 YEARS, 'DHANYA', VETTILATHAZHAM, THAHAMUKKU ROAD, DECENT JUNCTION.P.O, KOLLAM - 691 577 BY ADVS. SRI.V.JAYAPRADEEP SMT.V.V.RISANI SRI.SANEESH KUNJUKUNJU RESPONDENT(S): ------------------------- THE PUNJAB NATIONAL BANK LIMITED, Q.S ROAD, KOLLAM - 691 001, REPRESENTED BY ITS AUTHORISED OFFICER, THE CHIEF MANAGER. BY ADV. SRI. AJITH KUMAR, SC. THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 22/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: VPV WPCNO.34001/2011 APPENDIX PETITIONER'S EXHIBITS: EXT.P1: COPY OF THE LETTER FROM IRE DTD 31.3.09. EXT.P2: COPY OF THE NOTICE DTD 22.11.11 OF THE COURT COMMISSIONER IN CMP 8356/11. EXT.P3: COPY OF THE AFFIDAVIT AND PETITION IN CMP 8356/11 OF CHIEF JUDICIAL MAGISTRATE, KOLLAM. EXT.P4: COPY OF THE STATEMENTS IN TERM LOAN DTD. 2.11.11. EXT.P5: COPY OF THE STATEMENTS DTD 8.12.11 OF CASH CREDIT A/C. EXT.P6: COPY OF THE PROFIT & LOSS A/C AND BALANCE SHEET OF THE YEARS ENDED 31.3.2008 & 31.3.2009. EXT.P7: COPY OF THE BUILDING TAX RECEIPT DTD. 29.3.11. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A. TO JUDGE VPV S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.34001 of 2011 ---------------------------------------------- Dated this the 22nd day of December, 2011 JUDGMENT The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondent bank for recovery of loan amounts due from the petitioner to the respondent bank. 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 respondent shall permit the petitioner to pay off the balance amount due in ten equal monthly instalments starting from 16.1.2012. Every subsequent instalment shall be paid on the first working day after the 15th of every succeeding month. If the petitioner pays the instalments on due dates without default, W.P.(C)No.34001/11 2 further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of any one of the instalments, 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. S. SIRI JAGAN, JUDGE acd W.P.(C)No.34001/11 3