IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 27TH SEPTEMBER 2011 / 5TH ASWINA 1933 WP(C).No. 25580 of 2011(U) --------------------------------------- PETITIONER(S): ----------------------- RAJENDRAN. T., S/O.THANKAYYAN, AGED 48 YEARS, SWAPNA, NANNANKUZHY, KATTACHALKUZHY P.O., THIRUVANANTHAPURAM-695 509. BY ADV. SRI.S.MOHAMMED AL RAFI RESPONDENT(S): --------------------------- 1. THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK, REP. BY AUTHORISED OFFICER/ GENERAL MANAGER, FORT, THIRUVANANTHAPURAM-695 023. 2. BRANCH MANAGER, THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK, BALARAMAPURAM, THIRUVANANTHAPURAM-695 501. BY ADV. MR.K.G. RADHAKRISHNAN, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27/09/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: rs WP(C).No. 25580 of 2011(U) APPENDIX PETITIONER'S EXHIBITS: EXT.P1: COPY OF THE NOTICE NO.1086/2011-11 DATED 22/09/2011 ISSUED BY THE 1ST RESPONDENT UNDER SEC.13(4) OF SARFAESI ACT. EXT.P2: COPY OF THE NOTICE NO.1084/2011-12 DATED 22/09/2011 ISSUED BY THE 1ST RESPONDENT UNDER SEC.13(4)OF SARFAESI ACT. EXT.P3: COPY OF THE MAHAZAR DATED 22/09/2011 ISSUED BY THE 1ST RESPONDENT. RESPONDENT'S EXHIBITS:- NIL. //TRUE COPY// P.A. TO JUDGE rs S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.25580 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 27th day of September, 2011 J U D G M E N T The petitioner is aggrieved by the proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) initiated by the respondents for recovery of defaulted loan amounts. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amount in instalments. 2. This is opposed by the learned counsel for the Bank. 3. Having heard both sides, I am of opinion that the respondents can show some more leniency to the petitioner in the matter of payment of the balance amount due in instalments. Accordingly, this writ petition is disposed of with a direction to the respondents to permit the petitioner to pay off the balance amount due in 10 (ten) equal monthly W.P.(C)No.25580 of 2011 -2- instalments starting from 01.11.2011. 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 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. If the petitioner files an application for reduction of interest it would be open to the bank to consider the same in accordance with the rules and policies of the bank. Sd/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/