IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 16TH DECEMBER 2011 / 25TH AGRAHAYANA 1933 WP(C).No. 33736 of 2011(N) -------------------------------------- PETITIONERS : --------------------- 1. DR. ARAVINDAN, ARAVIND MEDICAL CENTRE, THATTASSERY, CHAVARA, KOLLAM-691 583. 2. AMBIKA ARAVIND, GAYATHRI, THATTASSERY, CHAVARA, KOLLAM-691 583. BY ADV. SRI.A.RAJASIMHAN RESPONDENTS : -------------------------- 1. AUTHORISED OFFICER AND CHIEF MANAGER (SARK), STATE BANK OF TRAVANCORE (ZONAL OFFICE), KADAPAKKADA, KOLLAM-1. 2. CHIEF MANAGER, STATE BANK OF TRAVANCORE, BEACH ROAD, KOLLAM. BY ADV. SRI. R.S. KALKURA, SC FOR SBT THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 16/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: DSV/- WP(C).No. 33736 of 2011(N) APPENDIX PETITIONER'S EXHIBITS: EXT P1 : COPY OF THE NOTICE DATED 04/10/2011 RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A. TO JUDGE DSV/- S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 33743 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 16th day of December, 2011. J U D G M E N T The petitioner is challenging proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 initiated by the respondent for recovery of defaulted loan amounts. The petitioner does not dispute the liability or the quantum. The petitioner only seeks a facility to pay the amounts in instalments. This is opposed by the counsel for the bank. However, taking a lenient view, I dispose of this writ petition with the following directions: The petitioner shall pay the amounts demanded in ten equal monthly instalments starting from 16.1.2012. Every subsequent instalment shall be paid on the first working day after 15.1.2012 of every succeeding month. If the petitioner pays the instalment amount on due dates without default, further coercive recovery proceedings shall be kept in abeyance. However, if the petitioner commits default in payment of any 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. S. Siri Jagan, Judge. Tds/ S. Siri Jagan, J. S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 33736 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 16th day of December, 2011. J U D G M E N T The petitioners are challenging proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 initiated by the respondents for recovery of defaulted loan amounts. The petitioner do not dispute the liability or the quantum. The petitioners only seek facility to pay the amounts in instalments. This is opposed by the counsel for the bank. However, taking a lenient view, I dispose of this writ petition with the following directions: The petitioners shall pay the amounts demanded in ten equal monthly instalments starting from 16.1.2012. Every subsequent instalment shall be paid on the first working day after 15.1.2012 of every succeeding month. If the petitioners pay the instalment amount on due dates without default, further coercive recovery proceedings shall be kept in abeyance. However, if the petitioners commit default in payment of any one instalment, 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/- S. Siri Jagan, Judge. Tds/