IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 18TH AUGUST 2008 / 27TH SRAVANA 1930 WP(C).No. 17773 of 2008(N) ------------------------------------ OS.124/2007 of PRL.S.C.,THALASSERY .................... PETITIONER: ------------------- K.M.GIRIJA, AGED 47 YEARS, W/O.C.K.BABU, KERTHANAM, KAKKENGAD, KANNUR DIST. BY ADV. SRI.M.CHATHUKUTTY NAMBIAR RESPONDENTS: ----------------------- 1. NORTH MALABAR GRAMIN BANK, HEAD OFFICE AT KANNUR BRANCH KAKKANGAD, REPRESENTED BY ITS BRANCH MANAGER. 2. AUTHORIZED OFFICER (GENERAL MANAGER) NORTH MALABAR GRAMIN BANK, RECOVERY AND LEGAL DEPARTMENT, KANNUR. BY ADV. SRI.DEVAN RAMACHANDRAN FOR R2 SRI.SUMESH KUMAR N.C. FOR R2 SMT.T.G.SEETHAL FOR R2 SRI.K.M.ANEESH FOR R2 THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 18/08/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 17773 of 2008(N) -2- APPENDIX PETITIONER'S EXHIBITS EXT.P1 - PHOTOCOPY OF THE PLAINT FILED BY THE FIRST RESPONDENT BEFORE THE SUB COURT, THALASSERY IN O.S. NO. 124/2007. EXT.P2 - A PHOTOCOPY OF THE NOTICE (NMGB SAC 12/08) DATED 05.02.2008 ISSUED BY THE RESERVE BANK OF INDIA. EXT.P3 - A PHOTOCOPY OF THE REPRESENTATION SUBMITTED BY THE PETITIONER. EXT.P4 - A PHOTOCOPY OF THE LETTER DATED 25.2.2008 ISSUED BY THE SECOND RESPONDENT IN FAVOUR OF THE PETITIONER. EXT.P5 - A PHOTOCOPY OF THE LETTER DATED 12.04.2008. EXT.P6 - A PHOTOCOPY OF THE LETTER DATED 23.04.2008 ISSUED BY THE SECOND RESPONDENT. EXT.P7 - PAPER PUBLICATION CARRIED BY THE RESPONDENTS IN MATHRUBHOOMI DAILY ON 7.4.2008. EXT.P8 - A PHOTOCOPY OF THE REPRESENTATION SUBMITTED BY THE PETITIONER BEFORE THE RESPONDENTS ON 15.5.2008. EXT.P8(a) - A PHOTOCOPY OF THE POSTAL RECEIPT DATED 15.5.2008. /TRUE COPY/ PA TO JUDGE rhs S.SIRI JAGAN, J ================== W.P(C)No.17773 of 2008 ================== Dated this the 18th day of August, 2008. J U D G M E N T The petitioner is challenging proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, initiated by the respondents for coercive recovery of loan amounts due from the petitioner. However, the petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks permission to pay off the amounts in instalments. This is opposed by the counsel for the bank. 2. However, taking a lenient view, I dispose of this writ petition with the following directions. The petitioner shall pay an amount of Rs. 2 lakhs within one month. The balance amount shall be paid in six equal monthly instalments starting from 1.11.2008. Subsequent instalments shall be paid on the 1st working day of every succeeding month. If the petitioner pays the above amounts in time without default, proceedings under the Act shall be kept in abeyance. However, if the W.P(C)No.17773 of 2008 - 2 - petitioner commits default in payment of either the Rs. 2 lakhs or any of the subsequent instalments on the due dates, 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. S.SIRI JAGAN, JUDGE rhs