IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 19TH DECEMBER 2011 / 28TH AGRAHAYANA 1933 WP(C).No. 33861 of 2011(G) ---------------------------------------- PETITIONER(S): ------------------------ 1. P.V. SHANMUGHAN, S/O. KARAPPAN, MANNARAKKAL HOUSE, P.O. VALLIKUNNU, MALAPPURAM DISTRICT. 2. PADMINI, W/O.P.V. SHANMUGHAN, MANNARAKKAL HOUSE, P.O. VALLIKUNNU, MALAPPURAM DISTRICT. BY ADV. SRI.HARISH R. MENON, SRI.K.T.SHYAMKUMAR. RESPONDENT(S): ------------------------- 1. THE MALAPPURAM DISTRICT CO-OPERATIVE BANK LIMITED, REPRESENTED BY ITS AUTHORISED OFFICER, DEPUTY GENERAL MANAGER, HEAD OFFICE, MALAPPURAM, MALAPPURAM DISTRICT-676 505. 2. THE MALAPPURAM DISTRICT CO-OPERATIVE BANK LIMITED, PARAPPANANGADY BRANCH, REPRESENTED BY ITS MANAGER, PARAPPANANGADI, MALAPPURAM DISTRICT - 676 303. BY THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19/12/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: rs WP(C).No. 33861 of 2011(G) APPENDIX PETITIONER'S EXHIBITS: EXHIBIT-P1- TRUE COPY OF THE RECEIPT EVIDENCING PAYMENT OF AN AMOUNT OF RS.50,000/- BY THE PETITIONERS. EXHIBIT-P2- TRUE COPY OF THE SALE NOTICE DATED 01/12/2011 ISSUED BY THE 1ST RESPONDENT. RESPONDENT'S EXHIBITS:- NIL. //TRUE COPY// P.A. TO JUDGE rs S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.33861 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 19th day of December, 2011 J U D G M E N T The petitioners are aggrieved by the proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) initiated by the respondents for recovery of defaulted loan amounts. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek facility to pay off the amount in instalments. 2. This is opposed by the learned counsel for the Bank. 3. Having heard both sides, I am of opinion that the respondents can show some more leniency to the petitioners in the matter of payment of the balance amount due in instalments. Accordingly, this writ petition is disposed of with a direction to the respondents to permit the petitioners to pay off the balance amount due in 8 (eight) equal monthly instalments starting from 01.02.2012. Every subsequent instalment shall be paid on W.P.(C)No.33861 of 2011 -2- the first working day of every succeeding month. If the petitioners pay the instalments on due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioners commit default in payment of any one 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/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/