IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 18TH JULY 2011 / 27TH ASHADHA 1933 WP(C).No. 4451 of 2011(F) -------------------------------------- PETITIONER(S): ------------------------ MRS.FIRDOUS GAZNI, W/O.MOHAMMED GAZNI, CHERUVATTAM HOUSE, KAIPAMANGALAM P.O. THRISSUR DISTRICT, KERALA. BY ADV. SRI.R.PADMARAJ, SRI.N.P.SETHU. RESPONDENT(S): -------------------------- 1. AUTHORISED OFFICER, SOUTH INDIAN BANK, REGIONAL OFFICE, ROUND SOUTH, THRISSUR-680 001, KERALA. 2. MANAGER, SOUTH INDIAN BANK, MATHILAKAM BRANCH, MAIN ROAD, MATHILAKAM-680 685 THRISSUR. R1 & R2 BY ADV. SRI.GEORGE VARGHESE, SC, SOUTH INDIAN BANK. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/07/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: rs WP(C).No. 4451 of 2011(F) APPENDIX PETITIONER'S EXHIBITS: EXT.P1: COPY OF THE NOTICE DATED 22/03/2010 ADDRESSED TO THE PETITIONER. EXT.P2: COPY OF THE NOTICE DATED 20/01/2011 ADDRESSED TO THE PETITIONER. RESPONDENT'S EXHIBITS: NIL. //TRUE COPY// P.A. TO JUDGE rs S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.4451 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 18th day of July, 2011 J U D G M E N T The petitioner is aggrieved by the proceedings under the Securitization 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 petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amount in instalments. 2. This is opposed by the learned counsel for the respondents. This Court had passed an interim order on 10.02.2011 directing the petitioner to pay an amount of Rs.2 lakhs as a condition for grant of stay. The petitioner submits that the amount has already been paid. 3. Having heard both sides, I dispose of this writ petition with a direction to the respondents to permit the petitioner to pay off the balance amount due in 8 (eight) W.P.(C)No.4451 of 2011 -2- equal monthly installments starting from 01.08.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the installments on due dates without default, further coercive recovery proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of any one of the installments, 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/