IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 28TH NOVEMBER 2011 / 7TH AGRAHAYANA 1933 WP(C).No. 31641 of 2011(E) -------------------------------------- PETITIONER(S): --------------------- MOLLY CHACKO,AGED 74 YEARS, W/O.LATE CHACKO,MACCAPALLIL HOUSE,VETTIEL KALUNK, VAKATHANAM,KOTTAYAM BY ADV. SRI.SABU S.KALLARAMOOLA RESPONDENT(S): ------------------------ 1. STATE BANK OF TRAVANCORE, STREESED ASSETS RESOLUTION CENTRE, ZONAL OFFICE,COLLECTORATE P.O,KOTTAYAM 686 002 REPRESENTED BY ITS AUTHORISED OFFICER 2. THE BRANCH MANAGER, STATE BANK OF TRAVANCORE, SME KOTTAYAM BRANCH 686 002 BY ADV. SRI. K.S. DILIP THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 28/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: SD WPC NO. 31641/2011 APPENDIX PETITIONER(S) EXHIBITS EXT.P1 TRUE COPY OF NOTICE DATED 21/4/2011 OF THE 1ST RESPONDENT. EXT.P2 TRUE COPY OF RECEIPT DATED 02/09/2011 EXT.P3 TRUE COPY OF POSSESSION NOTICE DATED 09/11/2011 OF THE 1ST RESPONDENT EXT.P4 TRUE COPY OF LOAN APPLICATION SUBMITTED BEFORE THE KOTTAYAM CO-OPERATIVE AGRICULTURAL DEVELOPMENT BANK. RESPONDENTS' EXHIBITS NIL TRUE COPY P.A. TO JUDGE SD S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.31641 of 2011 ---------------------------------------------- Dated this the 28th day of November, 2011 JUDGMENT The petitioner is challenging proceedings initiated by the respondents under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act for recovery of amounts due from the petitioner to the respondents. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks three months' time to pay off the entire amounts due. 2. The learned counsel for the bank opposes the same. 3. Having heard both sides, taking a lenient view, I dispose of this writ petition with the following directions: The petitioner shall pay Rs.3 lakhs within one month. If the petitioner pays the said Rs.3 lakhs within one month, the respondents shall grant the petitioner two more months' time from that date to pay off the balance amounts. If the petitioner pays the amounts as directed above, further proceedings under the Act shall be kept in abeyance. However, if the petitioner W.P.(C)No.31641/11 2 commits default in payment of either the Rs.3 lakhs or the balance amount as directed above, 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. S. SIRI JAGAN, JUDGE acd W.P.(C)No.31641/11 3