IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 17TH AUGUST 2011 / 26TH SRAVANA 1933 WP(C).No. 21797 of 2011(Y) -------------------------- PETITIONER(S): --------------- MADATHIL SREEDHARAN,AGED 41 YEARS, S/O. KRISHNAN NAIR,MADATHIL HOUSE, KOZHUTHIL,NEELESHWAR P.O., KASARAGOD DISTRICT. BY ADV. SRI.SURESH KUMAR KODOTH SMT.HEMALATHA SRI.V.R.REKESH RESPONDENT(S): --------------- 1. THE STATE BANK OF TRAVANCORE, NELESHWAR BRANCH, REPRESENTED BY ITS MANAGER,NELESHWAR PO, KASARAGOD DISTRICT-671 314 2. CHIEF MANAGER/AUTHORISED OFFICER, STATE BANK OF TRAVANCORE, REGIONAL OFFICE,KANNUR-670 001. ADV. SRI.T.SETHUMADHAVAN FOR R1,2 SRI.PUSHPARAJAN KODOTH FOR R1,2 SRI.K.JAYESH MOHANKUMAR FOR R1,2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17/08/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C).No. 21797/2011 APPENDIX PETITIONER(S)' EXHIBITS P1. COPY OF THE NOTICE DTD.1.3.2010 BY R1. P2. COPY OF THE POSSESSION NOTICE DTD.3.8.11. sdk+ ///True copy/// P.A. to Judge S.SIRI JAGAN, J. ================== W.P.(C).No. 21797 of 2011 ================== Dated this the 17th day of August, 2011 J U D G M E N T The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, initiated by the respondents for recovery of loan amounts defaulted by the petitioner. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amounts due in instalments. 2. This is opposed by the learned counsel for the bank. 3. However, taking a lenient view, I dispose of this writ petition with the following directions; The petitioner shall pay 50% of the amounts due within one month. The balance amount shall be paid in six equal monthly instalments starting from 1.11.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays 50% of the amounts due within one month and the instalments on the due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of either 50% of the amounts due or any 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/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge 2 Interlocutory application= stand= closed. sdk+ S.SIRI JAGAN, JUDGE