IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 18TH JANUARY 2011 / 28TH POUSHA 1932 WP(C).No. 699 of 2011(J) -------------------------------------- PETITIONER(S): ----------------------- V.M.RINEESH, AGED 26 YEARS, S/O.LATE V.H.M. RAFEEQ, 23/576 A, VALIYAPARAMBIL, MADHURA COMPANY ROAD, PALLURITY, KOCHI-682 006. BY ADVS. SRI.DILISH JOHN, SMT.T.V.SHELJA. RESPONDENT(S): ---------------------------- 1. STATE OF KERALA, REPRESENTED BY THROUGH GOVT.PLEADER, HIGH COURT OF KERALA. 2. THE AUTHORIZED OFFICER, STATE BANK OF INDIA, IIND FLOOR, R.S.BUILDING, (ABOVE SSI BRANCH) M.G.ROAD, ERNAKULAM, PIN-682 011. R1 BY SR. GOVERNMENT PLEADER SRI. MATHEW GEORGE VADAKKEL R2 BY ADV. SRI. P.V. SURENDRANATH, SC, SBI THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/01/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 699 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 18th day of January, 2011 J U D G M E N T The petitioner is challenging proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). The petitioner does not dispute the liability to pay or quantum. The petitioner only seeks installment facility to pay off the amount. Considering the facts and circumstances of the case, I dispose of this writ petition with the following directions: The petitioner shall pay an amount of `7,00,000/- (Rupees Seven lakhs only) within one month from today. The balance amount due shall be paid in six (6) equal monthly installments starting from 01.04.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the initial amount and the instalments on the due dates without W.P.(C)No. 699 of 2011 -2- default, further proceedings pursuant to the impugned order shall be kept in abeyance. However, if the petitioner commits default in payment of `7,00,000/- or any one installment on the due date, the respondents can continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. S. SIRI JAGAN JUDGE shg/