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. 22090 of 2011(I) ------------------------------------- [C.M.P.NO.5142/2011 OF CHIEF JUDICIAL MAGISTRATE COURT, KOLLAM] .................... PETITIONERS: --------------------- 1. GIRIJA DEVI AMMA, W/O. SASIDHARAN UNNITHAN, AYANIVELIL (H), KAMPALADI, PORUVAZHY P.O., KOLLAM DISTRICT. 2. SASIDHARAN UNNITHAN, S/O. CHELLAPPAN PILLAI, AYANIVELIL (H), KAMPALADI, PORUVAZHY P.O., KOLLAM DISTRICT. BY ADV. SMT.BINDU SREEKUMAR. RESPONDENTS: ------------------------ 1. ICICI BANK LTD., REPRESENTED BY GANAPATHY SUBBAN, AUTHORISED OFFICER UNDER SARFAESI ACT, 1ST FLOOR, M.G.ROAD, PULIMOODU, THIRUVANANTHAPURAM-695 001. 2. ICICI BANK LTD., REPRESENTED BY CREDIT MANAGER, NOUFAL BUILDING, OPP. HEAD POST OFFICE, KARUNAGAPPALLY, KOLLAM DISTRICT-690 518. R1 & R2 BY SRI. K.K. MOHAMMED SHEREEF, S.C, ADVS. SRI.LAL K.JOSEPH, SRI.A.A.ZIYAD RAHMAN, SMT.M.C.SANITHA, SRI.K.S.SREELY KUMAR. 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.22090/2011-I: APPENDIX PETITIONERS' EXHIBITS: EXT.P.1: COPY OF THE INTIMATION LETTER DTD. 16/04/2005. EXT.P.2: COPY OF THE INTIMATION LETTER DTD. 10/06/2011. EXT.P.3: COPY OF THE REGISTERED LETTER DTD 11/07/2011 ISSUED BY THE ADVOCATE COMMISSIONER. EXT.P.4: COPY OF THE REGISTERED LETTER DTD. 05/08/2011. RESPONDENTS' EXHIBITS: NIL. //TRUE COPY// P.A. TO JUDGE. Prv. S.SIRI JAGAN, J. ================== W.P.(C).No. 22090 of 2011 ================== Dated this the 17th day of August, 2011 J U D G M E N T 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 loan amounts defaulted by the petitioners. 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. However, taking a lenient view, I dispose of this writ petition with the following directions; The petitioners shall pay the balance amount due in ten 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 2