IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 5TH AUGUST 2011 / 14TH SRAVANA 1933 WP(C).No. 21380 of 2011(V) ---------------------------------------- PETITIONER(S): ------------------------ 1. G.GOPA KUMAR, S/O.GOPALASWAMY NAIDU, GOPALAM, C1, VT NAGAR, IRUKUNNAM, MANIKANTESWARAM P.O., THIRUVANANTHAPURAM. 2. SMT.SAJITHA KUMARY.V., W/O.GOPAKUMAR.G.,GOPALAM, C1, VT NAGAR, IRUKUNNAM,MANIKANTESWARAM P.O., THIRUVANANTHAPURAM. BY ADV. SRI.R.SUDHEESHKUMAR SRI.SUNIL KUMAR A.G RESPONDENT(S): --------------------------- 1. STATE BANK OF TRAVNCORE, CHALAKUZHY BUILDING, PEROORKADA, THIRUVANANTHAPURAM-695 005, REPRESENTED BY ITS MANAGER. 2. THE CHIEF MANAGER (AUTHORIZED OFFICER), STATE BANK OF TRAVANCORE, CHALAKUZHY BUILDING, PEROORKADA, THIRUVANANTHAPURAM-695 005. R1 & R2 BY ADV.SRI.R.S.KALKURA,SC, SBT THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 05/08/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sts WP(C)NO.21380/2011 APPENDIX PETITIONER'S EXHIBITS: P1 COPY OF THE NOTICE NO.AGMI/T/ DATED 26/07/2010 ISSUED BY THE 1ST RESPONDENT. P2 COPY OF THE POSSESSION NOTICE DATED 30/04/2011. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A.TO.JUDGE sts S.SIRI JAGAN, J. ================== W.P.(C).No. 21380 of 2011 ================== Dated this the 5th day of August, 2011 J U D G M E N T The petitioners are the guarantors for the loan availed of by M/s.R.G.Traders, Peroorkada, from the respondents. The petitioners challenge proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, initiated by the respondents for recovery of the defaulted instalments by the borrower. 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. 3. Having heard both sides, I dispose of this writ petition with the following directions; The petitioners shall pay the balance amount due in seven equal monthly instalments starting from 1.9.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioners pay the instalments on the due dates without default, coercive proceedings for recovery of the amounts shall be kept in abeyance. However, if the petitioners commit default in payment of 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