IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 5TH AUGUST 2011 / 14TH SRAVANA 1933 WP(C).No. 4847 of 2011(E) --------------------------------------- PETITIONER(S): ----------------------- 1. P.N. SATHYSEELAN NAIR, S/O.NARAYANA PILLAI, AGED 55 YEARS, LAKSHMI NIVAS, VENDIYIL HOUSE, PANANGAD P.O.-682 506, ERNAKULAM DISTRICT. 2. SMT.INDIRA DEVI V.B., W/O.SRI.N. SATHYSEELAN NAIR, LAKSHMI NIVAS, VENDIYIL HOUSE, PANANGAD P.O.-682 506, ERNAKULAM DISTRICT. BY ADV. SMT.C.G.BINDU, SMT.C.G.AJITHA. RESPONDENT(S): -------------------------- STATE BANK OF TRAVANCORE, (ASSOCIATE OF STATE BANK OF INDIA), KADATHURUTHY MAIN BRANCH, KADATHURUTHY, PIN-686 604, REPRESENTED BY ITS AUTHORIZED OFFICER AND CHIEF MANAGER, KADATHURUTHY MAIN BRANCH. BY ADV. SRI.K.S.DILIP THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 05/08/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: rs WP(C).No. 4847 of 2011(E) APPENDIX PETITIONER'S EXHIBITS: EXT.P1: COPY OF THE SETTLEMENT DEED NO.3050 DATED 18/09/1997 OF MARADU SRO EXECUTED IN FAVOUR OF THE 2ND PETITIONER. EXT.P2: COPY OF THE SETTLEMENT DEED NO.2422 DATED 21/07/1997 OF MARADU SRO EXECUTED INFAVOUR OF THE 2ND PETITIONER. EXT.P3: COPY OF THE SALE DEED NO.3034 DATED 30/11/2006 OF KADATHURUTHY SRO EXECUTED INFAVOUR OF THE 2ND PETITIONER. EXT.P4: COPY OF THE SALE DEED NO.3237 DATED 21/12/2006 OF KADATHURUTHY SRO EXECUTED INFAVOUR OF THE 2ND PETITIONER. EXT.P5: COPY OF THE NOTICE DATED 01/11/2010 ISSUED TO THE 1ST PETITIONER BY THE RESPONDENT UNDER SECTION 13(2) OF THE SARFAESI ACT. EXT.P6: COPY OF THE NOTICE DATED 01/11/2010 ISSUED TO THE 2ND PETITIONER BY THE RESPONDENT UNDER SECTION 13(2) OF THE SARFAESI ACT. EXT.P7: COPY OF THE OBJECTION DATED 13/01/2011 SUBMITTED BY THE 1ST PETITIONER BEFORE THE RESPONDENT. EXT.P8: COPY OF THE OBJECTION DATED 13/01/2011 SUBMITTED BY THE 2ND PETITIONER BEFORE THE RESPONDENT. EXT.P9: COPY OF THE REPLY DATED 22/01/2011 ISSUED BY THE RESPONDENT TO THE 1ST PETITIONER. EXT.P10: COPY OF THE REPLY DATED 22/01/2011 ISSUED BY THE RESPONDENT TO THE 2ND PETITIONER. EXT.P11: COPY OF THE RECEIPT DATED 01/01/2011 ISSUED BY THE RESPONDENT FOR AN AMOUNT OF Rs.1 LAKH. EXT.P12: COPY OF THE RECEIPT DATED 01/01/2011 ISSUED BY THE RESPONDENT FOR AN AMOUNT OF Rs.1 LAKH. EXT.P13: COPY OF THE POSSESSION NOTICE DATED 03/02/2011 ISSUED BY THE RESPONDENT UNDER SECTION 13(4) OF THE SARFAESI ACT. EXT.P14: COPY OF THE POSSESSION NOTICE DATED 03/02/2011 ISSUED BY THE RESPONDENT UNDER SECTION 13(4) OF THE SARFAESI ACT. RESPONDENT'S EXHIBITS: NIL. //TRUE COPY// P.A. TO JUDGE rs S.SIRI JAGAN, J. ================== W.P.(C).No. 4847 of 2011 ================== Dated this the 5th day of August, 2011 J U D G M E N T The petitioners challenge proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, initiated by the respondent for recovery of loan amounts defaulted by the petitioners. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek facility to pay off the amounts due in instalments. 2. This is opposed by the learned counsel for the bank. 3. Having heard both sides, I dispose of this writ petition with the following directions; The petitioners shall pay an amount of ` 10 lakhs within one month from today. The balance amounts due shall be paid in five equal monthly instalments starting from 1.11.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioners pay the initial amount of ` 10 lakhs and the instalments on the due dates without default, coercive proceedings for recovery of the amounts shall be kept in abeyance. However, if the petitioners commit default in payment of the initial amount of ` 10 lakhs or any 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. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge