IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 18TH OCTOBER 2011 / 26TH ASWINA 1933 WP(C).No. 27536 of 2011(N) ---------------------------------------- PETITIONER(S): ------------------------- P.ABDUL KHADER IBRAHIM @ IBRAHIMKUTTY, S/O. POOKKODAN KADER, POOKODAN HOUSE, THALAPPARA, MOONNIYOOR P.O., MALAPPURAM. BY ADV. SRI.G.HARIHARAN SRI.PRAVEEN.H. RESPONDENT(S): --------------------------- 1. M/S. CATHOLIC SYRIAN BANK LTD., TIRURANGADI BRANCH, THIRURANGADI, MALAPPURAM DISTRICT, REPRESENTED BY ITS MANAGER, PIN-676 505. 2. ZONAL MANAGER, ZONAL OFFICE, M/S.CATHOLIC SYRIAN BANK LTD., ALPHONSA BUILDING, ARAYEDATHUPALAM JUNCTION, MAVOOR ROAD, KOZHIKODE-673 004. R1 & R2 BY ADV.SRI.C.A.JOY,SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sts WP(C)NO.27536/2011 APPENDIX PETITIONER(S) EXHIBITS EXT.P1 : TRUE COPY OF THE LOAN SANCTIONING LETTER DTD.11.11.2006 ISSUED BY THE 1ST RESPONDENT BANK. EXT.P2 : TRUE COPY OF THE DEMAND NOTICE ISSUED UNDER SEC.13(2) OF THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTERESTS ACT BY THE 2ND RESPONDENT. EXT.P3 : TRUE COPY OF THE REQUEST MADE BY THE PETITIONER BEFORE THE 2ND RESPONDENT DTD.29.6.2011. EXT.P4 : TRUE COPY OF THE BANKERS CHEQUE DTD.25.6.11 ISSUED IN FAVOUR OF THE 1ST RESPONDENT DRAWN FROM SAUDI BRITISH BANK, DAMMAM SUPER BRANCH. RESPONDENTS' EXHIBITS : NIL /TRUE COPY/ P.A.TO.JUDGE sts S. SIRI JAGAN, J. ------------------------------------------------- W.P.(C)No. 27536 OF 2011 ------------------------------------------------- DATED THIS THE 18th DAY OF OCTOBER, 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 the balance amounts due in six equal monthly instalments starting from 01-12-2011. 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 W.P.(C) No.27536/2011 -2- the respondents to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Sd/- S. SIRI JAGAN, JUDGE. AMG True copy P.A to Judge