IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 7TH JULY 2011 / 16TH ASHADHA 1933 WP(C).No. 18232 of 2011(D) ---------------------------------------- PETITIONER(S): ------------------------ MANIKANDAN E.S., EDAKANDATH HOUSE, KEKKEYANGAD P.O., IRITTY VIA., KANNUR DISTRICT, NOW RESIDING AT C/O.MOLY, C-S-F-ARALAM, ARALAM FARM POST, (VIA), PERAVOOR, PIN-670673. BY ADV. SRI.V.C.JAMES SRI.SEBASTIAN JOSEPH (KURISUMMOOTTIL) RESPONDENT(S): -------------------------- 1. STATE BANK OF INDIA, KOOTHUPARAMBA, REP. BY ITS CHIEF MANAGER, AUTHORISED OFFICER, PIN-670673. 2. THE BRANCH MANAGER, STATE BANK OF INDIA, KOOTHUPARAMBA BRANCH, KOOTHUPARAMBA, PIN-670673. BY GOVT. PLEADER SRI.P.V.SURENDRANATH, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 07/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss W.P.(C) NO 18232/2011 APPENDIX PETITIONER'S EXHIBITS P1:- COPY OF THE LAWYER NOTICE DTD. 23.11.2010. P2:- COPY OF THE POSSESSION NOTICE UNDER SECTION 13(12) OF THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTESTES ACT, 2002. P3:- COPY OF THE PAPER PUBLICATION DTD. 15.6.2011 PUBLISHED ON 24.6.2011 IN MALAYALAM MANORAMA AND NEW INDIAN EXPRESS. P4:- COPY OF THE RECEIPTS DTD. 29.1.2011 AND 1.7.2011. RESPONDENT'S EXHIBITS NIL:- TRUE COPY P.S. TO JUDGE tss S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 18232 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 7th day of July, 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 to pay or the quantum. He only seeks facility to pay the amount in instalments. This is opposed by the standing counsel for the respondents. However, taking a lenient view, I dispose of this writ petition with the following directions: The petitioner shall pay the amounts demanded in six monthly instalments starting from 1.8.2011. 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/