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. 34728 of 2011(M) -------------------------- PETITIONER: ---------- PLAZA HOLLOW BRICKS, REPRESENTED BY ITS PROPRIETOR K.P HASSAN, S/O. ALAVI MUSALIYAR, KALATHUMPADIKKAL HOUSE, PULIYANAKKUNNU P.O., CHALAVARA, PALAKKAD DISTRICT. BY ADV. SRI.U.K.DEVIDAS RESPONDENTS: ----------- 1. THE AUTHORISED OFFICER, CANARA BANK, KULAPPULLY SME BRANCH, KULAPPULLY, PALAKKAD DISTRICT. PIN - 679 122. 2. THE BRANCH MANAGER, CANARA BANK, KULAPPULLY SME BRANCH, KULAPPULLY, PALAKKAD DISTRICT. PIN - 679 122. BY ADV. SRI. P. GOPINATHA MENON THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: SP WP(C).No. 34728 of 2011(M) APPENDIX PETITIONER'S EXHIBIT:- 1. EXT. P1 - COPY OF THE NOTICE UNDER SECTION 13(2) OF THE ACT DATED NIL. RESPONDENTS' EXHIBITS:- NIL //TRUE COPY// P.A. TO JUDGE. SP S.SIRI JAGAN, J. ================== W.P.(C).No. 34728 of 2011 ================== Dated this the 22nd day of December, 2011 J U D G M E N T The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, initiated by the respondents for recovery of loan amounts defaulted by the petitioner. 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. 3. However, taking a lenient view, I dispose of this writ petition with the following directions; The petitioner shall pay the balance amounts due in 12 equal monthly instalments starting from 16.1.2012. Every subsequent instalment shall be paid on the first working day after 15th of every succeeding month. If the petitioner pays the instalments on the due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of any 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. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge - : 2 :-