IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 4TH JULY 2011 / 13TH ASHADHA 1933 WP(C).No. 15127 of 2011(M) ---------------------------------------- PETITIONER(S): ------------------------- T.M.ROSILY, CHIRAYATH HOUSE, P.O.ANTHIKKAD, THRISSUR. BY ADV. SRI.V.C.JAMES SRI.GEORGE MECHERIL RESPONDENT(S): -------------------------- 1. DISTRICT CO-OPERATIVE BANK LTD, THRISSUR, REPRESENTED BY ITS MANAGING DIRECTOR.PIN- 680 022 2. MANAGER, ANTHIKAD BRANCH, KANJANI DISTRICT CO-OPERATIVE BANK LTD, THRISSUR.PIN-680 022. BY ADV.SRI.P.C.SASIDHARAN, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sts WP(C)NO.15127/2011 APPENDIX PETITIONER'S EXHIBITS: P1 COPY OF THE PROCEEDINGS DATED 11/7/2008 OF THE BANK. P2 COPY OF THE NOTICE DATED 11/6/2010. P3 COPY OF THE NOTICE DATED 23/3/2011 OF THE BANK. P4 COPY OF THE CERTIFICATE /CT SCAN REPORT DATED 11/01/2010 ISSUED BY MOTHER HOSPITAL, THRISSUR. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A.TO.JUDGE sts S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No. 15127 OF 2011 ---------------------------------------------- Dated this the 4th day of July, 2011 JUDGMENT The petitioner is a defaulter in repayment of loan amounts due to the respondents. The 1st respondent bank initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act for recovery of the loan amounts, which is under challenge in this writ petition. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amounts in instalments. 2. The learned Standing Counsel for the bank points out that the petitioner has not even complied with the interim order dated 6.6.2011 directing payment of Rs.1,50,000/-. 3. The learned counsel for the petitioner submits that the petitioner has filed I.A. No.10602/2011 seeking two more weeks' time to pay off the amount as per the interim order. 4. Having heard both sides, taking a lenient view, I dispose of this writ petition with the following directions: W.P.(C)No.15127/11 2 The petitioner shall pay an amount of Rs.1,50,000/- within one week from today. The balance amount shall be paid in six 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 initial amount and the instalments on due dates without default, further proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act shall be kept in abeyance. However, if the petitioner commits default in payment either the initial amount or any of the subsequent 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. S. SIRI JAGAN, JUDGE acd W.P.(C)No.15127/11 3 W.P.(C)No.15127/11 4