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. 38510 of 2010(K) -------------------------- PETITIONER(S): --------------- JAYACHANDRAN SANKARAN, TC 40/1429-I, KRISHNAKRIPA, PUTHEN STREET, BEHIND SASTHA TEMPLE, THIRUVANANTHAPURAM. BY ADV. SRI.E.A.BIJUMON RESPONDENT(S): --------------- ICICI BANK LIMITED, LAND MARK, RACE COURSE CIRCLE, VADODARA, HAVING ITS BRANCH OFFICE, NEAR STATUE, M.G.ROAD, THIRUVANANTHAPURAM, REPRESENTED BY ITS AUTHORIZED OFFICER, GANDAPATHY SUBBAN, PIN-695 001. ADV. SRI.LAL K.JOSEPH SRI.A.A.ZIYAD RAHMAN SMT.K.K.RATNALATHA SRI.V.R.REKESH SRI.V.S.SHIRAZ BAVA THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C).No. 38510/2010 APPENDIX PETITIONER(S)' EXHIBITS P1. COPY OF THE RECEIPT BY THE BANK. P2. COPY OF THE CMP PETITION FILED BEFORE THE COURT. sdk+ ///True copy/// P.A. to Judge S.SIRI JAGAN, J. ================== W.P.(C).No. 38510 of 2010 ================== Dated this the 4th day of July, 2011 J U D G M E N T The petitioner challenges the proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, initiated by the respondent for recovery of the loan amounts defaulted by the petitioner. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks some time to pay off the balance amounts due. 2. I have heard the learned counsel appearing for the respondent bank also, who opposes the prayer of the petitioner. 3. However, taking a lenient view, I dispose of this writ petition with the following directions: If the petitioner has already paid the amounts as directed in the interim orders, the petitioner shall pay the balance amount due 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 instalments on the due dates without default, coercive proceedings for recovery of the amounts shall be kept in abeyance. However, if the petitioner commits default in payment of any of the instalments, it would be open to the respondent to recover the entire amounts due in a lump sum without having to issue any fresh notice or proceedings in that regard. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge