IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 3RD NOVEMBER 2011 / 12TH KARTHIKA 1933 WP(C).No. 29329 of 2011(M) -------------------------------- PETITIONER: -------------- VENU K.NAIR, AGED 40 YEARS, S/O. KESAVA PILLAI, VAISHNAVAM, AICKADU, KODUMON P.O., ADOOR TALUK, PATHANAMTHITTA DISTRICT. BY ADVS. SRI. K.SHAJ SRI.SAJJU.S RESPONDENTS: ------------------ THE UNION BANK OF INDIA, UNION BANK BHAVAN, M.G.ROAD, STATUE THIRUVANANTHAPURAM, REPRESENTED BY ITS CHIEF MANAGER AND AUTHORISED OFFICER. BY SRI. ASP KURUP, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 03/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No.29329/2011 A P P E N D I X PETITIONER'S EXHIBITS: EXT.P1 : TRUE COPY OF THE NOTICE ISSUED BY THE COMMISSION ADVOCATE AS PER THE ORDER DTD.27.4.11 IN MC NO.129/2011 OF THE CHIEF JUDICIAL MAGISTRATE COURT, PATHANAMTHITTA UNDER SEC.14 OF THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002. RESPONDENT'S EXHIBITS: NIL. // True Copy // P.A. to Judge. smp S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.29329 of 2011 ---------------------------------------------- Dated this the 3rd day of November, 2011 JUDGMENT The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondent for recovery of loan amounts due from the petitioner to the respondent. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amounts in instalments. 2. The learned Standing Counsel for the bank points out that proceedings under the Act are initiated in respect of three accounts and the petitioner is liable to pay the amounts due in all the three accounts. 3. Having heard both sides, I dispose of this writ petition with a direction to the respondent to permit the petitioner to pay off the amounts due in all the three accounts in ten equal monthly instalments starting from 1.12.2011. Every subsequent W.P.(C)No.29329/11 2 instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the instalments on due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of any one 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. S. SIRI JAGAN, JUDGE acd W.P.(C)No.29329/11 3 W.P.(C)No.29329/11 4