IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 4TH NOVEMBER 2011 / 13TH KARTHIKA 1933 WP(C).No. 29563 of 2011(U) --------------------------------------- [M.C.NO.178/2011 OF CHIEF JUDICIAL MAGISTRATE COURT,TRIVANDRUM] .................... PETITIONERS: --------------------- 1. RAJA RAJA VERMA, REPRESENTED BY POWER OF ATTORNEY HOLDER S. GIREESH KUMAR, HOUSE NO.89, MOHANAM, KESAVAN NAIR ROAD, POOJAPPURA, THIRUVANANTHAPURAM. 2. SHOBA B.NAIR, HOUSE NO.89, MOHANAM, KESAVAN NAIR ROAD, POOJAPPURA,THIRUVANANTHAPURAM. BY ADVS. SRI.S.KRISHNAKUMAR, SMT.K.V.JAYANTHI. RESPONDENTS: ------------------------ 1. BANK OF BARODA, REPRESENTED BY ITS BRANCH MANAGER, VANCHIYOOR, THIRUVANANTHAPURAM PIN-695 035. 2. K.P. RADHAKRISHNAN, AUTHORISED OFFICER, BANK OF BARODA, THIRUVANANTHAPURAM-695 035. R1 BY SRI. DEVAN RAMA CHANDRAN. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04/11/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C).NO.29563/2011-U: APPENDIX PETITIONER'S EXHIBITS:- EXT.P1: COPY OF THE POWER OF ATTORNEY EXECUTED BY RAJA RAJA VERMA IN FAVOUR OF GIRISH KUMAR. EXT.P2: TRUE COPY OF STATEMENT OF ACCOUNTS EVIDENCING THE PAYMENTS. EXT.P3: TRUE COPY OF NOTICE DATED 31-10-2011 ISSUED TO THE PETITIONER BY THE ADVOCATE COMMISSIONER. RESPONDENT'S EXHIBITS:- NIL. //TRUE COPY// P.A. TO JUDGE Prv. S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.29563 of 2011 ---------------------------------------------- Dated this the 4th day of November, 2011 JUDGMENT The petitioners challenge proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondents for recovery of the loan amounts due from the petitioners to the respondents. 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. However, taking a lenient view, I dispose of this writ petition with the following directions: The respondents shall permit the petitioners to pay off the balance amount 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 due dates without default, W.P.(C)No.29563/11 2 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. S. SIRI JAGAN, JUDGE acd W.P.(C)No.29563/11 3