IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 8TH NOVEMBER 2011 / 17TH KARTHIKA 1933 WP(C).No. 29325 of 2011(M) ---------------------------------- PETITIONER(S): ------------------- 1. PHALGUNAN.T.R., SON OF SRI.THALAPPILLY RAMU. 2. MRS.DIVYA.N.S., WIFE OF SRI.PHALGUNAN.T.R. BOTH PETITIONERS ARE RESIDING AT PONJANAM, NEAR TEMPLE P.O., KATTOOR - 680 702, THRISSUR DISTRICT. BY ADVS. SRI.ANIL S.RAJ SMT.K.N.RAJANI SRI.G.ARUN GOPAN RESPONDENT(S): -------------------- THE MANAGER, STATE BANK OF INDIA, KARALAM BRANCH, N.S.S.KARAYOGAM BUILDING, KARALAM, THRISSUR.680 711. BY ADV. SRI. A.S. SAJESH PAUL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 08/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: svs W.P.(C). NO. 29325/2011 APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF THE NOTICE ISSUED BY THE RESPONDENT TO THE PETITIONER DATED 14/10/2011. P2: COPY OF THE REPRESENTATION SUBMITTED BY THE PETITIONER THROUGH THEIR LAWYER TO THE RESPONDENT DATED 18/10/2011. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A. TO JUDGE. svs S.SIRI JAGAN, J. ================== W.P.(C).No. 29325 of 2011 ================== Dated this the 8th day of November, 2011 J U D G M E N T The petitioners challenge proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, initiated by the respondent for recovery of loan amounts defaulted by the petitioners. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek facility to pay off the amounts due in instalments. 2. This is opposed by the learned counsel for the bank. 3. However, taking a lenient view, I dispose of this writ petition with the following directions; The petitioners shall pay the balance amounts due in ten equal monthly instalments starting from 1.12.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioners pay the instalments on the due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioners commit default in payment of any of the instalments, it would be open to the respondent to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge - : 2 :-