IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 2ND SEPTEMBER 2011 / 11TH BHADRA 1933 WP(C).No. 23852 of 2011(F) -------------------------- PETITIONER(S): --------------- SREEKANTAN, NISHA BHAVAN, VAZHICHAL P.O., KUTTAMALA, THIRUVANANTHAPURAM. BY ADV. SRI.SAJU.S.A RESPONDENT(S): --------------- 1. THE MANAGER, STATE BANK OF TRAVANCORE VAZHICHAL BRANCH, VAZHICHAL P.O., KUTTAMALA, THIRUVAANTHAPURAM, PIN-695 125. 2. THE AUTHORISED OFFICER, CHIEF MANAGER STATE BANK OF TRAVANCORE, REGION II, ZONAL OFFICE, SANTHINAGASR, THIRUVANANTHAPURAM-695 039. ADV.R.S.KALKURA, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/09/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C).No. 23852/2011 APPENDIX PETITIONER(S)' EXHIBITS P1. COPY OF THE NOTICE DTD.7.6.11. P2. COPY OF THE MC.NO.320/11 DTD.13.6.11 OF the CJM COURT, THIRUVANANTHAPURAM. P3. COPY OF THE NOTICE DTD.16.8.2011 ISSUED BY THE ADVOCATE COMMISSIONER. sdk+ ///True copy/// P.A. to Judge S.SIRI JAGAN, J. ================== W.P.(C).No. 23852 of 2011 ================== Dated this the 2nd day of September, 2011 J U D G M E N T The petitioner challenges 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 petitioner. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amounts due in instalments. 2. This is opposed by the learned counsel for the bank. 3. However, taking a lenient view, I dispose of this writ petition with the following directions; The petitioner shall pay an amount of ` 25,000/- on or before 1.10.2011. The balance amount due shall be paid in ten 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 ` 25,000/- as directed above and the instalments on the due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of ` 25,000/- as directed above or 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