IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 14TH DECEMBER 2011 / 23RD AGRAHAYANA 1933 WP(C).No. 31166 of 2011(U) ----------------------------------------- PETITIONER(S): -------------------------- V.A.VARGHESE, AGED 62 YEARS, S/O.V.M.ABRAHAM, VAYKARA HOUSE, KUNNACKAL POST, ERNAKULAM.682 316. BY ADV. SRI.SHAJI JOSEPH RESPONDENT(S): -------------------------- 1. BANK OF INDIA, VAIKOM BRANCH, KUNNACKAL.P.O., ERNAKULAM DISTRICT.682 316, REPRESENTED BY ITS BRANCH MANAGER. 2. DEPUTY TAHSILDAR (RR), TALUK OFFICER, MUVATTUPUZHA, ERNAKULAM DISTRICT - 686 661. R1 BY ADV. SRI.P.P.JOYI R2 BY GOVERNMENT PLEADER SRI.S.JAMAL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 14/12/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss WPC.NO.31166/2011 U APPENDIX PETITIONER'S EXHIBITS: EXT.P1- TRUE COPY OF THE DEMAND NOTICE AS FILE NO.B8-6761/11 D/N 732/11 DATED 3/10/2011 IN CONNECTION WITH LOAN ACCOUNT NO.857776100010192. RESPONDENTS' EXHIBITS: N I L /TRUE COPY/ P.A.TO JUDGE Kss S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.31166 of 2011 ---------------------------------------------- Dated this the 14th day of December, 2011 JUDGMENT The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondents for recovery of loan amounts due from the petitioner to the respondents. 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. However, taking a lenient view, I dispose of this writ petition with the following directions: The respondents shall permit the petitioner to pay off the balance amount due in ten 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 instalments on due dates without default, further W.P.(C)No.31166/11 2 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 to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. S. SIRI JAGAN, JUDGE acd W.P.(C)No.31166/11 3