IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 5TH SEPTEMBER 2011 / 14TH BHADRA 1933 WP(C).No. 17287 of 2011(I) -------------------------- PETITIONER(S): --------------- 1. SHEELA N.,W/O.BABU.P,CHERUKULATHU VEEDU, KOTTIYAM.P.O,KOLLAM. 2. BABU.P,S/O PADMANABHAN,CHERUKULATHU VEEDU,KOTTIAM.P.O,KOLLAM. BY ADV. SRI.BIJU .C. ABRAHAM RESPONDENT(S): --------------- 1. THE AUTHORISED OFFICER & CHIEF MANAGER, THE FEDERAL BANK LTD,CHATHANNOOR,KOLLAM-691572. 2. THE MANAGER,THE FEDERAL BANK LTD, CHATHANOOR BRANCH,KOLLAM-691572. 3. ANURAJ.T.S,ADVOCATE COMMISSIONER APPOINTED VIDE ORDER IN CMP NO.867/11 OF THE CHIEF JUDICIAL MAGISTRATE COURT,KOLLAM-690001. ADV. SRI.GEORGE VARGHESE (MANACHIRACKEL) FOR R1&2 SMT.LIZA P.CHERIAN FOR R1&2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 05/09/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WPC 17287/11 APPENDIX PETITIONER'S EXHIBITS: P1 COPY OF THE NOTICE DT 24.5.11. // True Copy // P.S. To Judge S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 17287 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 5th day of September, 2011. J U D G M E N T The petitioners are defaulters in repayment of loan amounts due to the respondents. The respondents have initiated proceedings under the Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for recovery of the same, which is under challenge in this writ petition. However, the petitioners do not dispute the liability to pay or the quantum. The petitioners only seek facility to pay off the amounts in instalments. This is opposed by the counsel for the bank. However, taking a lenient view, I dispose of this writ petition with a direction to the respondents to permit the petitioners to pay off the amounts due in 8 equal monthly instalments starting from 1.10.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioners pay the instalment amounts on due dates without default, proceedings under the Act shall be kept in abeyance. However, if the petitioners commit default W.P(C) No. 17287 of 2011 -: 2 :- in payment of any one instalment, 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/- S. Siri Jagan, Judge. Tds/