IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 1ST DECEMBER 2011 / 10TH AGRAHAYANA 1933 WP(C).No. 24492 of 2011(J) ------------------------------------- PETITIONER(S): ----------------------- SURESH BABU,AGED 51 YEARS,S/O.HARIDAS, BABU SADANAM,KALAVOOR,ALAPPUZHA. BY ADV. SRI.MATHEW JAMES RESPONDENT(S): -------------------------- 1. THE ALLEPPEY URBAN CO-OP BANK LIMITED, HEAD OFFICE, ALAPPUZHA-688 001. REPRESENTED BY ITS AUTHORISED OFFICER. R1 BY ADV. SMT.I.SHEELA DEVI THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 01/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: DG WP(C).No. 24492 of 2011(J) APPENDIX PETITIONER'S EXHIBITS : EXT. P1 - COPY OF THE DEMAND NOTICE ISSUED BY THE ADVOCATE COMMISSIONER. EXT.P2 - COPY OF THE DOCTOR'S PRESCRIPTION. RESPONDENTS' EXHIBITS: EXT.R1 - COPY OF THE NOTICE ISSUED BY THE AUTHORISED OFFICER TO THE PETITIONER. EXT.R1(a) - COPY OF THE ACKNOWLEDGMENT CARD. /TRUE COPY/ P.A.TO JUDGE DG S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.24492 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 1st 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 (SARFAESI Act) initiated by the respondent for recovery of loan amounts due from the petitioner. At the time of admission, this Court directed the petitioner to pay Rs.75,000/- as a condition for stay. That amount has been paid by the petitioner. For extension of stay, this Court directed the petitioner to pay a further amount of Rs.50,000/-. Out of the same, the petitioner paid only Rs.35,000/-. The petitioner submits that the petitioner's daughter who is a medical student has been suffering from cancer and therefore he is hard pressed to find money for payment. But it is submitted that if the petitioner is given instalment facility to pay off the balance amount, the petitioner would be able to discharge the debt. W.P.(C)No.24492 of 2011 -2- 2. This is opposed by the counsel for the Bank. 3. However taking a lenient view, I dispose of this writ petition with a direction to the respondent to permit the petitioner to pay off the balance amounts due in 10 (ten) equal monthly instalments starting from 02.01.2012. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the instalments on due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of any one 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/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/