IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 19TH DECEMBER 2011 / 28TH AGRAHAYANA 1933 WP(C).No. 33280 of 2011(H) -------------------------------------- ST.1125/2006 of THE JUDICIAL FIRST CLASS MAGISTRATE - X, TRIVANDRUM ...................................................................................................................................... PETITIONER : --------------------- K.SASIDHARAN, S/O.KRISHNA PANICKER PROPRITOR, MANOHARA CONSTRUCTION COMPANY, LEKSHMI KRISHNA, T.C.25/33-1, GANDHARI AMMANKOVIL ROAD, PULIMOOD, THIRUVANANTHAPURAM. BY ADV. SRI.B.KRISHNA MANI RESPONDENTS : ------------------------- 1. AUTHORISED OFFICER, PANJAB NATIONAL BANK, M.G.ROAD, THIRUVANANTHAPURAM. 2. THE MANAGER, PANJAB NATIONAL BANK, M.G.ROAD, THIRUVANANTHAPURAM. BY ADV. SRI. C. AJITH KUMAR, SC, PANJAB NATIONAL BANK THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 19/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: DSV/- WP(C).No. 33280 of 2011(H) APPENDIX PETITIONER'S EXHIBITS: EXT.P1:- COPY OF THE APPLICATION O.A.321/2010 BEFORE THE DEBT RECOVERY TRIBUNAL, ERNAKULAM DTD 31/07/2010 EXT.P2:- COPY OF THE STATEMENT ISSUED BY THE BANK EXT.P3:- COPY OF THE DETAILS OF 4 ITEMS OF PROPERTY SOLD BY THE BANK BETWEEN THE PERIODS 2004-2007 EXT.P4:- COPY OF THE AGREEMENT DTD 04/04/1998 EXT.P5:- COPY OF THE COMMUNICATION DTD 07/01/99 ISSUED BY THE SENIOR MANAGER OF NEDUNGADI BANK LTD EXT.P6:- COPY OF THE CERTIFICATE ISSUED BY THE CONSULTING ENGINEER. EXT.P7:- COPY OF THE DETAILED SUBMISSION DTD 26/06/2011 EXT.P8:- COPY OF THE NOTICE DTD 09/12/2011 FROM ADVOCATE COMMISSIONER IN THE PROCEEDINGS M.C.745/2011 EXT.P9:- COPY OF THE POSSESSION NOTICE DTD 02/07/2008 EXT.P10:- COPY OF THE JUDGMENT DTD 19/12/2008 ST.NO.1125/06 BEFORE THE JUDICIAL FIRST CLASS MAGISTRATE COURT-X,THIRUVANANTHAPURAM. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A. TO JUDGE DSV/- S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 33280 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 19th day of December, 2011. J U D G M E N T The petitioner is challenging proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 initiated by the respondents for recovery of defaulted loan amounts. The petitioner does not dispute the liability or quantum. The petitioner only seeks a facility to pay 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 the following directions: The petitioner shall pay the amounts demanded in twelve equal monthly instalments starting from 1.2.2012. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the amounts on the due dates without default, further coercive recovery proceedings shall be kept in abeyance. However, if the petitioner commits default in complying with the above directions or in paying any one instalment, 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. S. Siri Jagan, Judge. Tds/