IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 12TH AUGUST 2011 / 21ST SRAVANA 1933 WP(C).No. 21987 of 2011(W) ----------------------------------- PETITIONER(S): ------------------- V.MANOJ, AGED 44 YEARS, S/O.CHANDUKUTTY, PROPRIETOR, M/S.SREE VINAYAKA ENTERPRISES, VENGALAM.P.O., KOZHIKODE DISTRICT. BY ADV. SRI.ZAKEER HUSSAIN RESPONDENT(S): --------------------- 1. THE AUTHORISED OFFICER, DHANALEKSHMI BANK, DHANALEKSHMI BUILDING, IST FLOOR, PONKUNNAM, THRISSUR-680 002. 2. DHANALAXMI BANK, H.RAM MOHAN ROAD, KOZHIKODE-673 004, REPRESENTED BY ITS MANAGER. R1 BY ADV. SRI.C.K.KARUNAKARAN, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 12/08/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: svs W.P.(C). NO. 21987/2011 APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF THE POSSESSION NOTICE DATED 12/01/2011. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A. TO JUDGE. svs S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 21987 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 12th day of August, 2011. J U D G M E N T The petitioner is a defaulter 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 petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amounts in instalments. This is opposed by the counsel for the bank. 2. Taking a lenient view, I dispose of this writ petition with the following directions: The petitioner shall pay an amount of Rs. 3 lakhs within one month. The balance amounts shall be paid in 10 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 Rs. 3 lakhs within one month and the instalment amounts on due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in in payment of W.P(C) No. 21987 of 2011 -: 2 :- either Rs. 3 lakhs or 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/