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. 29481 of 2011(I) ----------------------------------- PETITIONER : - ---------------------- SURENDRAN A., AGED 52 YEARS, S/O. AYYAPPAN ASSARY, SUMESH BHAVAN, ERATTAPLAVILA,THANNIMOODU P.O., THIRUVANANTHAPURAM. BY ADV. SRI.R.GOPAN RESPONDENTS : - ------------------------- 1. THE AUTHORIZED OFFICER, STATE BANK OF INDIA, REGIONAL BUSINESS OFFICE, KOLLAM-697 001. 2. THE BRANCH MANAGER, STATE BANK OF INDIA, KOTTUKAL BRANCH, KOTTUKAL-697 001. BY ADV. SRI. P.V. SURENDRANATH (S.C) FOR SBI 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. 29481 of 2011(I) APPENDIX PETITIONER'S EXHIBITS : EXT P1 : PHOTOCOPY OF THE LOAN PASS BOOK. EXT P2 : PHOTOCOPY OF THE RECEIPTS ISSUED BY THE 2nd RESPONDENT. EXT P3 : PHOTOCOPY OF THE ORDER IN MC 219/2011 DATED 26.07.2011 OF THE CHIEF JUDICIAL MAGISTRATE, THIRUVANANTHAPURAM. EXT P4 : PHOTOCOPY OF THE TREATMENT CERTIFICATE OF THE PETITIONER. EXT P5 : PHOTOCOPY OF THE NOTICE DATED 28.09.2011 ISSUED BY THE 1st RESPONDENT TO THE PETITIONER. RESPONDENTS' EXHIBITS : NIL. TRUE COPY P.A. TO JUDGE DMR/- S.SIRI JAGAN, J. ================== W.P.(C).No. 29481 of 2011 ================== Dated this the 4th day of November, 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 ten 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 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 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 :-