IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 30TH NOVEMBER 2011 / 9TH AGRAHAYANA 1933 WP(C).No. 31339 of 2011(N) ----------------------------------- PETITIONER : - ---------------------- ANSAR, S/O. ABDUL RAHMAN, AGED 42 YEARS, ALFI MANZIL, MAHATMA NAGAR NO.98, VADAKKEVILA P.O., KOLLAM. (CHAMAYAM TEXTILES, POLAYATHODU, KOLLAM). BY ADV. SRI.R.SATISH KUMAR RESPONDENTS : - -------------------------- 1. UNION OF INDIA, REPRESENTED BY THE SECRETARY, BANKING DEPARTMENT, NEW DELHI-110 001. 2. STATE BANK OF TRAVANCORE, REPRESENTED BY ITS MANAGER, KOLLAM MAIN BRANCH, BISHOP JEROME NAGAR, KOLLAM-691 001. 3. THE MANAGER (SME), STATE BANK OF TRAVANCORE, KOLLAM MAIN BRANCH, BISHOP JEROME NAGAR, KOLLAM-691 001. R1 BY ADV. SRI. P. PARAMESWARAN NAIR, ASGI R2 & R3 BY ADV. SRI. R.S. KALKURA, S.C FOR SBRT THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 30/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 31339 of 2011(N) APPENDIX PETITIONER'S EXHIBITS: EXT P1 : COPY OF THE PLAINT IN O.S. NO. 778 / 2011 FILED BY THE 2nd RESPONDENT BEFORE SUB COURT, KOLLAM. EXT P2 : COPY OF NOTICE DATED 26.09.2011 ISSUED BY THE 2nd RESPONDENT. RESPONDENTS' EXHIBITS: NIL. TRUE COPY P.A. TO JUDGE DMR/- S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 31339 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 30th day of November, 2011. J U D G M E N T The petitioner is challenging proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 initiated by the respondents for recovery of defaulted loan amounts. The petitioner does not dispute the liability or quantum. The petitioner only seeks a facility to pay the amounts in instalments. This is opposed by the counsel for the bank. However, taking a lenient view, I dispose of this writ petition with the following directions: The petitioner shall pay the amounts demanded in 10 monthly instalments starting from 2.1.2012. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the amounts on the due dates without default, further coercive recovery proceedings shall be kept in abeyance. However, if the petitioner commits default in complying with the above directions or in paying 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/