IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 26TH JULY 2011 / 4TH SRAVANA 1933 WP(C).No. 17561 of 2011(U) -------------------------- PETITIONER : --------------------- SATHEESH KUMAR.V., 35 YEARS, S/O.VASUDEVAN PILLAI, MALAVIKA, MANAKARAKAVU, VENDAR P.O., KOTTARAKARA VIA, KOLLAM DISTRICT. BY ADV. SRI.A.F.SEBASTIAN RESPONDENT : ---------------------- INDIAN BANK, REP.BY THE AUTHORISED OFFICER, ZONAL OFFICE, THIRUVANANTHAPURAM, PIN-695 015. BY ADV. SRI. S. SREEKUMAR, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 26/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Mn ...2/- WP(C).No. 17561 of 2011(U) APPENDIX PETITIONER'S EXHIBITS: EXT.P1 : COPY OF THE SALE NOTICE DATED 23/5/2011. EXT.P2 : COPY OF THE SALE AGREEMENT. EXT.P3 : COPY OF THE RECEIPT DATED 9/4/2011 SHOWING REPAYMENT OF RS. 1.5 LAKHS. EXT.P4 : COPY OF THE REPRESENTATION DATED 13/6/2011. RESPONDENT'S EXHIBITS - NIL //TRUE COPY// P.A. TO JUDGE Mn S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.17561 OF 2011 ---------------------------------------------- Dated this the 26th day of July, 2011 JUDGMENT The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act for recovery of loan amounts due from the petitioner to the respondent bank. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks time to pay off the amounts due. 2. This Court passed an interim order on 1.7.2011 directing the petitioner to pay Rs.1 lakh as a condition for stay of further proceedings. It is submitted that the amount has been paid. The petitioner seeks two more months' time to pay off the balance amount due. 3. This is opposed by the learned Standing Counsel for the bank. 4. However, taking a lenient view, I direct the respondent to give the petitioner two more months' time from today to pay off the balance amount. If the petitioner pays the balance W.P.(C)No.17561/11 2 amount due within the said two months, further proceedings under the Act shall be dropped. However, if the petitioner commits default in payment of the balance amount within two months, the respondent can continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. The writ petition is disposed of as above. S. SIRI JAGAN, JUDGE acd W.P.(C)No.17561/11 3