IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 1ST DECEMBER 2011 / 10TH AGRAHAYANA 1933 WP(C).No. 32034 of 2011(D) -------------------------- MC.541/2011 of C.J.M.,TRIVANDRUM ........................................... PETITIONER(S): ----------------------- 1. SHAJI RAGHAVAN,VMC 24/10B, KOTTAKAZHIKOM,MUNDAYIL,VARKALA, THIRUVANANTHAPURAM. 2. CHANDINI SHAJI,VMC 24/10B, KOTTAKAZHIKOM,MUNDAYIL,VARKALA, THIRUVANANTHAPURAM. BY ADV. SRI.R.ANILKUMAR RESPONDENT(S): --------------- 1. AUTHORIZED OFFICER,ASST.GENERAL MANAGER, RACPC BRANCH,STATE BANK OF INDIA, LMS COMPOUND,THIRUVANANTHAPURAM DISTRICT PIN - 695001. 2. STATE BANK OF INDIA REP.BY BRANCH MANAGER,SHAM BUILDING,OPP.RAILWAY STATION, VARKALA,PIN-695141. R1 & R2 BY ADV.N.RAJAGOPALAN NAIR THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: JM WPC NO. 32034 OF 2011 APPENDIX PETITIONER(S) EXHIBITS EXT.P1: THE TRUE PHOTOCOPY OF THE STATEMENT ACCOUNT ISSUED FROM THE OFFICE OF THE 2ND RESPONDENT ON 25.11.2011 IN THE LOAN ACCOUNT NO.30344156012. EXT.P2: THE TRUE PHOTOCOPY OF THE POSSESSION NOTICE ISSUED TO THE PETITIONER ON 09.06.2011. EXT.P3: THE TRUE PHOTOCOPY OF THE ORDER CMP.541/2011 DTD:02.09.2011. RESPONDENTS' EXHIBITS : NIL \\TRUE COPY\\ PA TO JUDGE JM S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.32034 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 1st day of December, 2011 J U D G M E N T The petitioners are aggrieved by the proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) initiated by the respondents for recovery of defaulted loan amounts. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek facility to pay off the amount in instalments. 2. This is opposed by the learned counsel for the Bank. 3. Having heard both sides, I am of opinion that the respondents can show some more leniency to the petitioners in the matter of payment of the balance amount due in instalments. Accordingly, this writ petition is disposed of with a direction to the respondents to permit the petitioners to pay off the balance amount due in 5 (five) equal monthly instalments starting from 02.01.2012. Every W.P.(C)No.32034 of 2011 -2- subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioners pay the instalments on due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioners commit default in payment of any one of the instalments, 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 //True copy// P.A. TO JUDGE shg/