IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 14TH OCTOBER 2011 / 22ND ASWINA 1933 WP(C).No. 27272 of 2011(H) -------------------------- PETITIONER ------------------ K.V.BABURAJ, KATTATHARA HOUSE, S.R.M.ROAD, ERNAKULAM-18. BY ADVS. SRI.B.S.SWATHY KUMAR SMT.M.G. AISHWARYA RESPONDENT(S): ------------------------ 1. STATE BANK OF INDIA, IRINJALAKUDA BRANCH, REP. BY ITS MANAGER, PIN-680121. 2. THE AUTHORISED OFFICER/CHIEF MANAGER, STATE BANK OF INDIA, REGIONAL OFFICE, IRINJALAKUDA, THRISSUR-680121. 3. K.G.REGHUNATHAN, ADVOCATE, (COMMISSIONER APPOINTED BY THE CHIEF JUDICIAL MAGISTRATE COURT, THRISSUR), AYYANTHOLE P.O., THRISSUR-680003. BY ADV. SRI.R.S.KALKURA, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 14/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: VK WP(C).No. 27272 of 2011(H) --------------------------------------- APPENDIX --------------- PETITIONER'S EXHIBITS ----------------------------------- EXT.P1. COPY OF THE POSSESSION NOTICE DATED 5.6.2010 ISSUED BY THE 2ND RESPONDENT. EXT.P2. COPY OF THE JUDGMENT IN WPC NO.18624/2011 DATED 23.6.2010. EXT.P3. COPY OF THE NOTICE FROM THE 3RD RESPONDENT TO THE PETITIONER DATED 27.4.2011. RESPONDENT'S EXHIBITS : NIL ------------------------------------- / TRUE COPY / P.A. TO JUDGE VK S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No. 27272 OF 2011 ---------------------------------------------- Dated this the 14th day of October, 2011 JUDGMENT The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by respondents 1 and 2 for recovery of loan amounts due from the petitioner to respondents 1 and 2. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks some time to pay off the amounts due. 2. This is opposed by the learned counsel for the bank. However, taking a lenient view, I dispose of this writ petition with the following directions: The petitioner shall pay an amount of Rs.5 lakhs within one week. The petitioner shall pay further amount of Rs.10 lakhs within another three weeks. The entire balance amount due under the loan shall be paid off on or before 31.12.2011. If the petitioner pays the amounts as directed above, further proceedings under the Act shall be kept in abeyance. However, if W.P.(C)No.27272/11 2 the petitioner commits default in payment any of the above amounts, it would be open to respondents 1 and 2 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.27272/11 3