IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 2ND NOVEMBER 2011 / 11TH KARTHIKA 1933 WP(C).No. 29196 of 2011(Y) ------------------------------------ PETITIONER(S): ---------------------- N.K.NARAYANA PILLAI, S/O.KESAVAPILLAI, AGED 69 YEARS, CHELANGATT, KODAKKARAPPALLY P.O., CHERTHALA. BY ADV. SRI.T.V.GEORGE RESPONDENT(S): ------------------------- 1. ALAPPUZHA DISTRICT CO-OP. BANK LTD., REP. BY ITS GENERAL MANAGER, HEAD OFFICE, ALAPPUZHA, PIN-688001. 2. THE AUTHORIZED OFFICER, ALAPPUZHA DISTRICT CO-OP. BANK LTD., ALAPPUZHA, PIN-688001. 3. SRI.VARGHESE JOHN, ADVOCATE COMMISSIONER, CHIEF JUDICIAL MAGISTRATE COURT, ALAPPUZHA, PIN-688001. 4. PRIJI M., CHELANGATTU, KODAKKARAPPALLY, CHERTHALA TALUK, ALAPPUZHA, PIN-688529. BY ADV.SRI.P.K.VIJAYAMOHANAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: AV WPC.NO.29196/2011 APPENDIX PETITIONER'S EXHIBITS : EXT.P1 : COPY OF NOTICE DATED 04.11.2010 UNDER SECTION 13(2) OF SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 ISSUED BY THE 2ND RESPONDENT. EXT.P2 : COPY OF DEMAND NOTICE DATED 27.10.2011 ISSUED BY THE 3RD RESPONDENT UNDER SECTION 14 OF SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002. EXT.P3 : COPY OF THE RELEVANT PAGES OF THE PASS BOOK ISSUED TO THE 4TH RESPONDENT CONTAINING THE REPAYMENT MADE BY THE PETITIONER ON 21.10.2011 AND 25.10.2011 RESPONDENT'S EXHIBITS : NIL /TRUE COPY/ P.A. TO JUDGE AV S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 29196 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 2nd day of November, 2011. J U D G M E N T The petitioner is a defaulter in repayment of loan amounts due to the respondents. The respondents have initiated proceedings under the Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for recovery of the same, which is under challenge in this writ petition. However, the petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amounts in instalments. This is opposed by the counsel for the bank. However, taking a lenient view, I dispose of this writ petition with a direction to the respondents to permit the petitioner to pay off the amounts due in 10 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 petitioner pays the instalment amounts on due dates without default, proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of any one instalment, 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. Sd/- S. Siri Jagan, Judge. Tds/