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. 29257 of 2011(F) ---------------------------------- MC.90/2011 of C.J.M.,TRIVANDRUM ............................. .................... PETITIONER(S): ---------------------- NAGENDRAN, S/O.KOLAPPAN ASARI, C.R.A 268, AMBALATHARA PUTHEN VEEDU, KUSAVARKKAL, MUKKOLA P.O., CHOOZHAMPALA, THIRUVANANTHAPURAM. BY ADV. SRI.P.V.ANIL SMT.R.RAMYA SRI.M.ANILPRASAD RESPONDENT(S): ------------------------- THE AUTHORIZED OFFICER (CHIEF MANAGER), CENTRAL BANK OF INDIA, MAIN BRANCH, M.G.ROAD, THIRUVANANTHAPURAM. BY ADV. SRI.V.SUNIL KUMAR,SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 03/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: STU WP(C).No. 29257 of 2011(F) APPENDIX PETITIONER(S) EXHIBITS : EXHIBIT P1- TRUE COPY OF THE NOTICE DATED 13.10.2011 ISSUED BY ADVOCATE AJI.J. EXHIBIT P2- TRUE COPY OF THE LOAN APPLICATION OF THE PETITIONER BEFORE THE RESPONDENT. EXHIBIT P3- TRUE COPY OF THE STATEMENT OF ACCOUNT ISSUED BY RESPONDENT. EXHIBIT P4- TRUE COPY OF THE PETITION FILED BY THE RESPONDENT AGAINST THE PETITIONER BEFORE THE CHIEF JUDICIAL MAGISTRATE COURT, THIRUVANANTHAPURAM. EXHIBIT P5- TRUE COPY OF THE PROCEEDINGS IN M.C.NO.90/2011 ON THE FILE OF CHIEF JUDICIAL MAGISTRATE COURT, THIRUVANANTHAPURAM. EXHIBIT P6- TRUE COPY OF ORDER DATED 15.7.2011 IN M.C.NO. 91/2011 OF CHIEF JUDICIAL MAGISTRATE COURT, THIRUVANANTHAPURAM. RESPONDENTS' EXHIBITS : NIL //TRUE COPY// P.A TO JUDGE. STU S.SIRI JAGAN, J. ================== W.P.(C).No. 29257 of 2011 ================== Dated this the 3rd day of November, 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 respondent 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 the balance amounts due in eight 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 petitioner pays 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 any 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. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge - : 2 :-