IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 3RD AUGUST 2011 / 12TH SRAVANA 1933 WP(C).No. 14830 of 2011(C) -------------------------- PETITIONER(S): --------------- NAJEEB A.K., S/O.AHAMMED KUTTY HAJI AAVANIKKARA HOUSE, KOORADU PO, MALAPPURAM DISTRICT, PIN 679 329. BY ADV. SRI.U.K.DEVIDAS RESPONDENT(S): --------------- 1. THE CHIEF MANAGER (AUTHORIZED OFFICER) REGIONAL OFFICE-IIIRD,STATE BANK OF TRAVANCORE KOZHIKODE. 2. STATE BANK OF TRAVANCORE, NILAMBUR BRANCH, REPRESENTED BY ITS MANAGER P.B.NO.1, NILAMBUR,MALAPPURAM DISTRICT. ADV. SRI.T.SETHUMADHAVAN FOR R1 & 2 SRI.PUSHPARAJAN KODOTH FOR R1 & 2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 03/08/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C).No. 14830/2011 APPENDIX PETITIONER(S)' EXHIBITS P1. COPY OF THE STATEMENT OF ACCOUNTS AS ON 26.4.11. P2. COPY OF THE RECEIPTS. P3. COPY OF THE LOAN ACCOUNT. P4. COPY OF THE INSPECTION NOTICE. sdk+ ///True copy/// P.A. to Judge S.SIRI JAGAN, J. ================== W.P.(C).No. 14830 of 2011 ================== Dated this the 3rd day of August, 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 the balance amount due in eight 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 petitioner pays the instalments on the due dates without default, coercive proceedings for recovery of the amounts shall be kept in abeyance. However, if the petitioner commits 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 2