IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 1ST AUGUST 2011 / 10TH SRAVANA 1933 WP(C).No. 20308 of 2011(K) -------------------------- PETITIONER(S) :- ------------------------ PRADEEP KUMAR.T., AGED 47, S/O.SREEDHARAPANICKER (LATE), RESIDING AT 'SIVAKRIPA', ERVATHUKUNNUMEETHAL, GOVERNMENT MODEL ITI ROAD, POST GOVINDAPURAM, CALICUT-17. BY ADV. SRI.SAKIR.K.H. RESPONDENT(S) :- -------------------------- 1. THE AUTHORISED OFFICER, STATE BANK OF INDIA, THIRUVANNUR BRANCH, KOZHIKODE. 2. THE ASSISTANT GENERAL MANAGER (AUTHORISED OFFICER), STATE BANK OF INDIA, RASMECCC, KALLAI HEIGHTS, KOZHIKODE-673 003. STANDING COUNSEL SRI.R.S.KALKURA THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01/08/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: jvt WP(C).No.20308 OF 2011 APPENDIX Petitioner's Exhibits :- Ext.P1 :- Copy of letter dated 14.3.2011 issued by the Manager, Personnel & Administration Retail South, Bata Shoe Store, Ernakulam Broadway. Ext.P2 :- Copy of application dated 25.03.2011 for final settlement of Provident Fund Account. Ext.P3 :- Copy of demand notice dated 21.1.2010 issued by 2nd respondent. Ext.P4 :- Copy of the letter dated 18.3.2011 issued by 2nd respondent. Ext.P5 :- Copy of the letter dated 22.3.2011 issued by 2nd respondent. Ext.P6 :- Copy of the receipt dated 29.3.2011 for Rs.90,000/- issued by the 1st respondent. Ext.P7 :- Copy of application dated 20.7.2011 sent to the 2nd respondent by registered post with A/d. Ext.P8 :- Copy of the postal receipt No.A 2532 dated 20.7.2011 issued from the Post office. Respondent's Exhibits :- NIL. //True Copy// P.A. to Judge S.SIRI JAGAN, J. ------------------------------------- WP(C) No.20308 of 2011 -------------------------------------- Dated this the 1st day of August, 2011 JUDGMENT The petitioner challenges the proceedings under the Securitization And Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI ACT) initiated by the respondents for recovery of the loan amount due from the petitioner to the respondents. The petitioner seeks facility to pay off the amount due in instalments. This is opposed by the learned counsel for the respondents. He points out that after availing of the loan, the petitioner has not paid any amount so far. The counsel would further submit that the bank is not confident that the petitioner can pay the amount even in instalments. In answer to the same, the learned counsel for the petitioner submits that as evident from Ext.P6, the petitioner has paid an amount of Rs.90,000/- on 29.03.2011, which according to the counsel for the Bank is after the bank took possession of the secured assets. 2. Having heard both sides, I am of the view that the respondents can show some more leniency to the petitioner in the matter of paying off the amount due in instalments. WP(C) No.20308 of 2011 : 2 : Accordingly, the writ petition is disposed of with a direction to the respondents to permit the petitioner to pay off the amount due in six equal monthly instalmets starting from 01.09.2011. Subsequent instalments shall be paid on the first working day of every succeeding month. Needless to say the amounts already paid by the petitioner shall be duly credited in the loan account. If the petitioner pays the instalments on the due dates, without default, the proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of any one of the instalments, it shall be open to the the respondents to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. S.SIRI JAGAN JUDGE dmb