IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 10TH OCTOBER 2011 / 18TH ASWINA 1933 WP(C).No. 24562 of 2011(U) -------------------------- PETITIONER: ------------------ P.A. SARASWTHY, W/O.LATE P.S.KUMARADAS, “LEKSHMI PRIYA”, T.C.37/1509(1), PUNNAKKAL ROAD, FORT P.O., THIRUVANANTHAPURAM-23 BY ADV. SRI.M.SREEKUMAR RESPONDENTS: ----------------------- 1. ANANTHASAYANAM CO-OPERATIVE BANK LTD., REPRESENTED BY ITS SECRETARY, HEAD OFFICE, G.P.O., THIRUVANANTHAPURAM-695001 2. BRANCH MANAGER, FORT BRANCH, ANANTHASAYANAM CO-OPERATIVE BANK LTD., FORT P.O., THIRUVANANTHAPURAM-695023 3. AUTHOURISED OFFICER, ANANTHASAYANAM CO-OPERATIVE BANK LTD., POST OFFICE LANE, PUTHENCHANTHAI, THIRUVANANTHAPURAM-695001 R1-3 ADV. SRI.R.S.MOHANAN NAIR THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 10/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: MM W P(C).No. 24562 of 2011(U) APPENDIX PETITIONER'S EXHIBITS: P1 COPY OF THE NOTICE NO.F 549/09-10 DATED 04-11-2009 ISSUED BY THE 3rd RESPONDENT P2(a) COPY OF THE RECEIPT NO.6863 DATED 30-12-2009 P2(b) COPY OF THE RECEIPT NO. 1407 DATED 30-12-2009 P2(c) COPY OF THE RECEIPT NO.6864 DATED 30-12-2009 P2(d) COPY OF THE RECEIPT NO.6864 DATED 30-12-2009 P2(e) COPY OF THE RECEIPT NO. 6864 DATED 30-12-2009 P3 COPY OF THE CMP NO.502/2010 FILED BY THE BANK BEFORE CHIF JUDICIAL MAGISTRATE COURT, THIRUVANANTHAPURAM DATED 27-1-2010 P4 COPY OF THE ORDER OF THE CHIEF JUDICIAL MAGISTRATE COURT, TVM., IN CMP NO.502/2010 DATED 22-4-2010 P5 COPY OF THE ORDER OF THECHIEF JUDICIAL MAGISRATE COURT, TVM. IN CMP NO.502/2010 DATED 01-06-2010 P6 COPY OF THE CIRCULAR NO. 63/2010 DATED 23-12-2010 P7 COPY OF THE REPRESENTATION FILED BY PETITIONER BEFORE THE BANK DATED 11-1-2011 P8 COPY OF THE ORDER NO HO 628/2010-2011 DATED 27-1-2011 P9 COPY OF THE REPRESENTATION FILED BY THE PETITIONER DATED 29-3-2011 P10 COPY OF THE CMP NO. 5024/2010 FILED BY THE BANK BEFORE CHIEF JUDICIAL MAGISTRATE COURT,THIRUVANANTHAPURAM DATED 01-11-2010 WP(C).No. 24562 of 2011(U) --2-- P11 COPY OF THE REPORT DATED 20-7-2011 OF THE ADVOCATE COMMISSIONER IN CMP NO. 5024/2010 P12 COPY OF THE ORDER OF THE CHIEF JUDICIAL MAGISRATE COURT, TVM , IN CMP NO 5024-2010 DATED 20-07-2011 RESPONDENT'S EXHIBITS: NIL TRUE COPY P.A. TO JUDGE MM S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 24562 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 10th day of October, 2011. J U D G M E N T The petitioner is a defaulter in repayment of loan amounts due to the respondents. The respondents have initiated proceedings under the Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for recovery of the same, which is under challenge in this writ petition. However, the petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off 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 a direction to the respondents to permit the petitioner to pay off the amounts due in 5 equal monthly instalments starting from 1.11.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the instalment amounts on due dates without default, proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of 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/