IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 15TH JULY 2011 / 24TH ASHADHA 1933 WP(C).No. 18359 of 2011(T) ---------------------------------------- PETITIONER(S): ------------------------ M.HASHIM BABU, S/O. A.M.RASHEED, 'LAILAS', NO.15, RAVINAGAR, AMBALAMUKKU, PEROORKADA P.O., THIRUVANANTHAPURAM-05. BY ADV. SRI.M.SREEKUMAR RESPONDENT(S): -------------------------- 1. STATE BANK OF INDIA, REPRESENTED BY ITS CHIEF GENERAL MANAGER, KERALA CIRCLE, SKYLANE MELODY, JAGATHY, THIRUVANANTHAPURAM-695 003. 2. AUTHORISED OFFICER, STATE BANK OF INDIA, R.A.C.P.C., L.H.O.ANNEXE, L.M.S.COMPOUND, THIRUVANANTHAPURAM-33. BY ADV.SRI.P.V.SURENDRANATH,SC FOR SBI THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 15/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sts WP(C)NO.18359/2011 APPENDIX PETITIONER'S EXHIBITS: P1 COPY OF THE POSSESSION NOTICE DATED 16/6/2011 ISSUED BY THE 2ND RESPONDENT TO THE PETITIONER. P2 COPY OF THE LETTER FROM THE PETITIONER TO THE 1ST RESPONDENT DATED 17/6/2011. P3 COPY OF THE LETTER FROM THE 1ST RESPONDENT DATED 21/6/2011 ALONG WITH STATEMENT OF ACCOUNTS TO PETITIONER. P4 COPY OF THE LETTER NO.NPA-7 FROM THE 2ND RESPONDENT DATED 22/6/2011 ALONG WITH STATEMENT OF ACCOUNTS. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.S.TO.JUDGE sts S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 18359 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 15th day of July, 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. According to him, he has paid off the loan amounts due as per Ext. P3 accounts of the bank. But the bank points out that that is a NPA account to which interest would not be credited after the date when the amount is declared as N.P.A. According to bank, an amount of Rs. 1,49,436/- remains to be paid as on 11.7.2011. The petitioner submits that the petitioner may be permitted to pay the said amount, under protest, in instalments without prejudice to the right of the petitioner to challenge the correctness of the amount appropriately. In the above circumstances, the writ petition is disposed of with the following directions: The petitioner shall pay the balance amount due with up- to-date interest to the respondents in 3 equal monthly instalments starting from 1.8.2011. The subsequent 2 instalments shall be paid on the first working day of the succeeding two months. If the petitioner pays the instalments on due dates without default, further proceedings under the Act shall be kept in abeyance. If the petitioner commits default in paying any one instalment, it would open to the respondents to continue proceedings as now initiated without having to issue W.P(C) No. 18359 of 2011 -: 2 :- any fresh notice or proceedings in that regard. This is without prejudice to the right of the petitioner to challenge the correctness of the said amount in appropriate proceedings. The bank shall issue a statement of accounts to the petitioner within two weeks. Sd/- S. Siri Jagan, Judge. Tds/