IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 10TH OCTOBER 2011 / 18TH ASWINA 1933 WP(C).No. 26532 of 2011(N) ----------------------------------- PETITIONER: ------------------- KUNJI MOIDU, S/O.MOITHEEN KUTTY, THAZHATHETHIL HOUSE, KALLADIAPATTA PO, ONGALLUR, PATTAMBI VIA PALAKKAD DISTRICT. BY ADVS. SRI. K.SHAJ SRI. SAJJU.S RESPONDENTS: ---------------------- 1. STATE BANK OF INDIA, ONGALLUR BRANCH KALLADIAPATTA PO, PATTAMBI VIA REPRESENTED BY ITS BRANCH MANAGER – 679 013. 2. THE AUTHORIZED OFFICER STATE BANK OF INDIA, ONGALLUR BRANCH KALLADIAPATTA PO, PATTAMBI PALAKKAD – 679 013. R1 & R2 BY ADV. SRI. R.S. KALKARA, SC, SBI. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 10/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: SCL. WP(C).No. 26532 of 2011(N) APPENDIX PETITIONER'S EXHIBITS: P1: THE STATEMENT OF ACCOUNT ISSUED BY THE RESPONDENT BANK DATED 17.5.2011. P2: THE TRUE COPY OF POSSESSION NOTICE DATED 27.9.2011 ISSUED BY THE RESPONDENT BANK. RESPONDENTS' EXHIBITS: NIL //TRUE COPY// PA TO JUDGE SCL. S.SIRI JAGAN, J. ================== W.P.(C).No. 26532 of 2011 ================== Dated this the 10th day of October, 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 1.11.2011. 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 respondent 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