IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 6TH SEPTEMBER 2011 / 15TH BHADRA 1933 WP(C).No. 24329 of 2011(M) --------------------------------------- PETITIONER(S): ------------------------ MRS.SHEELA RANI, W/O.SUNILKUMAR, NILAKKAMUKKU, KADAKKAVOOR. P.O., THIRUVANANTHAPURAM. BY ADV. SRI.R.ANILKUMAR RESPONDENT(S): -------------------------- 1. STATE BANK OF TRAVANCORE, REGION-III, ZONAL OFFICE, KSHB BUILDING, SANTHI NAGAR, THIRUVANANTHAPURAM, PIN-695 001. 2. BANK MANAGER, STATE BANK OF TRAVANCORE, NADESH BUILDING, VAKKOM. P.O., PIN-695 308. 3. SUNIL KUMAR, PROPRIETOR, NEAR RAILWAY STATION, DWARAKA NO.1, PIN-695 308. R1 & R2 BY ADV. MR.R.S. KALKURA, SC, SBT. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/09/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: rs WP(C).No. 24329 of 2011(M) APPENDIX PETITIONER'S EXHIBITS: EXT.P1: COPY OF THE STATEMENT OF ACCOUNT FROM 01/01/2009 TO 15/09/2010 IS Rs.5,61,116.00. EXT.P2: COPY OF THE DOCUMENT NO.324/2007 OF KADAKKAVUR SUB-REGISTRY. EXT.P3: COPY OF THE NOTICE NO.AGM/111/T/SRESI DATED 30/07/2011. EXT.P4: COPY OF THE NOTIFICATION FOR SALE APPEARED IN THE MATHRUBHUMI DAILY DATED 30/09/2011. RESPONDENT'S EXHIBITS: NIL. //TRUE COPY// P.A. TO JUDGE rs S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.24329 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 6th day of September, 2011 J U D G M E N T The petitioner is aggrieved by the proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) initiated by the respondents 1 & 2 for recovery of defaulted loan amounts. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amount in instalments. 2. This is opposed by the learned Standing Counsel for respondents 1 & 2. 3. Having heard both sides, I dispose of this writ petition with a direction to the respondents 1 & 2 to permit the petitioner to pay off the balance amount due in 6 (six) equal monthly instalments starting from 01.10.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the W.P.(C)No.24329 of 2011 -2- instalments on due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of any one of the instalments, it would be open to the respondents 1 & 2 to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Sd/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/