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. 29406 of 2011(A) -------------------------- MC.207/2011 of C.J.M.PATHANAMTHITTA .................... PETITIONER(S): --------------- 1. RAJASHREE, W/O. KARTHIKEYAN, RESIDING AT NADUVILE VEETTIL, AICADU P.O., KODUMON, PATHANAMTHITTA DISTRICT. 2. KARTHIKEYEAN, AGE NOT KNOWN, RESIDING AT NADUVILE VEETTIL, AICADU P.O., KODUMON, PATHANAMTHITTA DISTRICT. BY ADV. SRI. K.SHAJ SRI.SAJJU.S RESPONDENT(S): --------------- THE PATHANAMTHITTA DISTRICT CO-OPERATIVE BANK LTD., REPRESENTED BY ITS AUTHORISED OFFICER, HEAD OFFICE, PATHANAMTHITTA -04. STANDING COUNSEL SRI.T.P. PRADEEP THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C) NO. 29406/2011 APPENDIX PETITIONER'S EXHIBITS EXHIBIT P1 : TRUE COPY OF THE NOTICE ISSUED BY THE COMMISSION ADVOCATE AS PER THE ORDER DATED 02.08.2011 IN M.C. NO. 207/2011 OF THE CHIEF JJDICIAL MAGISTRATE COURT, PATHANAMTHITTA UNDER SECTION 14 OF THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 DATED 01.10.2011. RESPONDENT'S EXHIBITS : NIL /TRUE COPY/ P.S. TO JUDGE. dnc S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 29406 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 4th day of November, 2011. J U D G M E N T The petitioners are defaulters in repayment of loan amounts due to the respondent. The respondent has initiated proceedings under the Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for recovery of the same, which is under challenge in this writ petition. However, the petitioners do not dispute the liability to pay or the quantum. The petitioners only seek facility to pay off the amounts in instalments. This is opposed by the counsel for the bank. However, taking a lenient view, I dispose of this writ petition with a direction to the respondent to permit the petitioners to pay off the amounts due in 10 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 instalment amounts on due dates without default, proceedings under the Act shall be kept in abeyance. However, if the petitioners commit default in payment of any one instalment, 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/- S. Siri Jagan, Judge. Tds/