IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 11TH AUGUST 2011 / 20TH SRAVANA 1933 WP(C).No. 21895 of 2011(J) -------------------------------------- [C.M.P.NO.2203/2011 OF CHIEF JUDICIAL MAGISTRATE COURT, ERNAKULAM] .................... PETITIONERS: --------------------- 1. ABDUL JAMAL.K.K, S/O. KASSIM, KANNANCHAKKASSERY HOUSE, PATTANAM, VADAKKEKARA.P.O. 2. SMT.PYARIJAN, W/O. ABDUL JAMAL, KANNANCHAKKASSERY HOUSE, PATTANAM, VADAKKEKARA.P.O. BY ADVS. SRI.K.MOHANAKANNAN, SMT.A.R.PRAVITHA, SMT.D.S.THUSHARA, SMT.RASHMI RAVINDRAN. RESPONDENTS: ------------------------ 1. NORTH MALABAR GRAMIN BANK, N.M.G TOWERS, PALLIKUNNU, KANNUR, REP. BY ITS AUTHORISED OFFICER – 670 004. 2. NORTH MALABAR GRAMIN BANK, N.M.G TOWERS, PALLIKUNNU, KANNUR, REP. BY ITS MANAGER – 670 004. 3. THE BRANCH MANAGER, NORTH MALABAR GRAMIN BANK, N.M.G TOWERS, NORTH PARUR, ERNAKULAM - 683 513. R1 TO R3 BY ADV. SRI. DEVAN RAMACHANDRAN. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 11/08/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C). NO.21895/2011-J: APPENDIX PETITIONERS' EXHIBIT: EXT.P.1: COPY OF THE CMP.2203/2011 DTD. 07/08/2011. RESPONDENTS' EXHIBITS: NIL. //TRUE COPY// P.A. TO JUDGE. Prv. S.SIRI JAGAN, J. ================== W.P.(C).No. 21895 of 2011 ================== Dated this the 10th day of August, 2011 J U D G M E N T The petitioners challenge 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 petitioners. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek facility to pay off the amounts due in instalments. 2. This is opposed by the learned counsel for the bank. 3. Having heard both sides, I dispose of this writ petition with the following directions: The petitioners shall pay the balance amount due in ten equal monthly instalments starting from 1.9.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioners pay the instalments on the due dates without default, coercive proceedings for recovery of the amounts shall be kept in abeyance. However, if the petitioners commit default in payment of any 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. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge