IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 8TH JULY 2011 / 17TH ASHADHA 1933 WP(C).No. 16853 of 2011(F) ------------------------ PETITIONER(S): ------------------------ 1. C.L.ANTONY, PROPRIETOR, M/S.SARITHA FURNITURE, CHERIYANKANDATH HOUSE, VELLATTANJUR.P.O., (VIA) VELUR, THRISSUR. 2. SMT.C.K.ROSY, W/O.C.L.ANTONY, CHERIYANKANDATH HOUSE, VELLATTANJUR.P.O., (VIA) VELUR, THRISSUR. BY ADVS. SRI.T.M.CHANDRAN SRI.S.SUJITH RESPONDENT(S): ------------------------- 1. CHIEF MANAGER & AUTHORIZED OFFICER, THE DHANALEKSHMI BANK LTD., ZONAL OFFICE, THRISSUR DISTRICT. PIN-680 001. 2. THE DHANALAKSHMI BANK LTD., MUNDUR BRANCH, THRISSUR, REPRESENTED BY THE MANAGER, PIN-680 541. R1 & R2 BY ADV. SRI. C.K. KARUNAKARAN, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 08/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Mn ...2/- WP(C).No. 16853 of 2011(F) APPENDIX PETITIONER'S EXHIBITS: EXT.P1 : COPY OF NOTICE UNDER SECTION 13(2) OF THE SARFASI ACT DATED 30.4.2007. EXT.P2 : COPY OF THE NOTICE DATED 3.11.2007 UNDER SARFASI ACT. EXT.P3 : COPY OF E.P.NO.46/2010 IN O.S. 301/2000 BEFORE THE SUB COURT, THRISSUR. EXT.P4 : COPY OF REPRESENTATION DATED 18.6.2010 FILED BEFORE THE RESPONDENT. RESPONDENT'S EXHIBITS - NIL //TRUE COPY// P.A. TO JUDGE Mn S. SIRI JAGAN, J. ------------------------------------------------- W.P.(C)No. 16853 OF 2011 ------------------------------------------------- DATED THIS THE 8th DAY OF JULY, 2011 J U D G M E N T Petitioners are challenging proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 initiated by the respondents for recovery of defaulted loan amounts. Petitioners do not dispute the liability to pay or the quantum. The petitioners only seek facility to pay off the amounts in installments. This is opposed by the counsel for the respondents Bank. 2. This Court has passed an interim order on 23-06-2011 as follows: “SC for respondent Bank is directed to file a statement. Meanwhile, the petitioner shall not be dispossessed from the property subject to condition of the petitioner remitting a sum of Rs.1,00,000/- within two weeks from today.” Petitioners have paid only 50% of the amount directed to be paid. Petitioners have filed I.A No.10967/2011 seeking extension of time of a month. W.P.(C) No.16853/2011 -2- 3. Taking into consideration the facts and circumstances of the case, I dispose of this writ petition with the following directions: Petitioners shall pay the balance amount as per interim order dated 23-06-2011 within two weeks from today. The balance amounts under the loan shall be paid by the petitioners in eight equal monthly installments starting from 01-09-2011. Subsequent instalments shall be paid on the first working day of every succeeding month. If the petitioner pays the initial amount as per the interim order and the instalments on due dates as directed above, without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioners commit default in payment of either the initial amount or any one of the instalments, it would be open to the respondents to continue the proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Sd/- S. SIRI JAGAN, JUDGE. AMG True copy P.A to Judge