IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 27TH OCTOBER 2011 / 5TH KARTHIKA 1933 WP(C).No. 28567 of 2011(U) ---------------------------------- PETITIONER(S): --------------- RADHAKRISHNAN.K.M., S/O.KUNJUNNI NAMBIAR AGED 40 YEARS, KUTTIYIL MEETHAL HOUSE, ONCHIYAM P.O., VATAKARA TALUK, KOZHIKODE DISTRICT. BY ADV. SRI.JOBY JACOB PULICKEKUDY SRI.ANIL GEORGE SRI.K.S.SUMEESH RESPONDENT(S): --------------- 1. KOZHIKODE CO-OPERATIVE BANK LIMITED AZHIYOOR BRANCH, KOZHIKODE DISTRICT, PIN-673 002, REP.BY ITS SENIOR MANAGER. 2. THE SENIOR MANAGER, KOZHIKODE DISTRICT CO-OPERATIVE BANK LIMITED, KALLAYI ROAD, KOZHIKODE-673 002. ADV. SRI. P.V. KUNHIKRISHNAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 28567 of 2011(U) APPENDIX PETITIONER(S) EXHIBITS EXHIBIT P1: TRUE PHOTOCOPY OF THE POSSESSION NOTICE DATED 23/6/2011. EXHIBIT P2: TRUE PHOTOCOPY OF THE PAPER PUBLICATION DATED 29/6/2011 RESPONDENTS' EXHIBITS: NIL TRUE COPY PA TO JUDGE. S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No. 28567 OF 2011 ---------------------------------------------- Dated this the 27th day of October, 2011 JUDGMENT The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondents for recovery of the loan amounts due from the petitioner to the respondents. 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. However, taking a lenient view, I dispose of this writ petition with the following directions: The respondents shall permit the petitioner to pay off the balance amount due in ten equal monthly instalments starting from 1.12.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the instalments on due dates without default, further W.P.(C)No.28567/11 2 proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of any one 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. S. SIRI JAGAN, JUDGE acd W.P.(C)No.28567/11 3