IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 5TH JULY 2011 / 14TH ASHADHA 1933 WP(C).No. 12546 of 2011(P) -------------------------------------- PETITIONERS: --------------------- 1. T.K.SHYLAJA, W/O. SUDHARASAN, AGED 55 YERARS, KARIMPARAMBIL HOUSE, NEDUPUZHA DESAM, KANIMANGALAM VILLAGE, NEDUPUZHA.P.O, THRISUSR DISTRICT. 2. K.G. SUDHARSANAN, S/O. GOVINDAN, AGED 65 YEARS, KARIMPARAMBIL HOUSE, NEDUPUZHA DESAM, KANIMANGALAM VILLAGE, NEDUPUZHA.P.O, THRISSR DISTRICT. BY ADVS. SRI.P.K.MURALEEDHARAN, SRI.SUNU P.JOHN. RESPONDENTS: ------------------------ 1. THE THRISSUR DISTRICT CO-OPERATIVE BANK LTD., MORNING BRANCH, REPRESENTED BY ITS BRANCH MANAGER, OFFICE OF THE MORNING BRANCH, SAKTHAN BUS STAND, THRISSUR.P.O, THRISSUR, PIN -680 001. 2. V.M.SADANADAN, THE AUTHORISED OFFICER, THE THRISSUR DISTRICT CO-OPERATIVE BANK LTD., SAHAKARANA SATHABDHI MANDIRAM, T.U.D.A ROAD, KOVILKATHUM PADAOM, THIRUVAMPADI.P.O, THRISSUR DISTRICT, PIN - 680 022. BY THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 05/07/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C). NO.12546/2011-P: APPENDIX PETITIONERS' EXHIBITS: EXT.P.1: COPY OF THE BANK LOAN NO.SL-715 PASS BOOK DTD. 04/10/2008. EXT.P.2: COPY OF THE BANK LOAN NO.SL.716 PASS BOOK DTD. 04/10/2008. EXT.P.3: COPY OF THE DEMAND NOTICE (SECTION 13(2) DTD. 16/06/2009 ISSUED BY THE AUTHORISED OFFICER, THRISSUR DISTRICT CO-OPERATIVE BANK LTD. EXT.P.4: COPY OF THE SYMBOLIC POSSESSION NOTICE (SECTION 13 (2) RULE 8 & 9) DTD. 02/02/2011. EXT.P.5: COPY OF THE SALE NOTICE (SECTION 13(2) RULE 8 & 9) DTD. 22/03/2011. EXT.P.6: COPY OF THE RECEIPT (CHELLAN NO.1116) FOR RS.1,50,000/- DTD. 24/03/2011 ISSUED FROM THE THRISSUR DISTRICT CO-OPERATIVE BANK. RESPONDENTS' EXHIBITS: NIL. //TRUE COPY// P.A. TO JUDGE. Prv. S.SIRI JAGAN, J. ================== W.P.(C).No. 12546 of 2011 ================== Dated this the 5th day of July, 2011 J U D G M E N T The petitioners challenge proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, initiated by the respondents for recovery of the loan amounts defaulted by the petitioners. The petitioners do not dispute the liability to pay or the quantum. 2. Despite service of notice, the respondents have not chosen to enter appearance and contest the matter. 3. This Court passed the following two interim orders: 26.4.2011: “Admit. Issue urgent notice by speed post to respondents. There shall be an interim stay of all further proceedings pursuant to Exts.P4 and P5 for a period of six weeks on condition that petitioners pay an amount of Rs. 1 lakh each towards the amounts due to the bank.” 14.6.2011: “In spite of service of notice, there is no appearance for the respondents. Time stipulated for payment of the balance amount is extended till 30.6.2011. Post on 5.7.2011.” 4. The learned counsel for the petitioners submits that the petitioners have already paid the amount as per the interim orders and the petitioners may be permitted to pay off the balance amounts due w.p.c.12546/11 2 in instalments. 5. Having considered the case of the petitioners, I dispose of this writ petition with a direction to the respondents to permit the petitioners to pay the balance amounts due in six equal monthly instalments starting from 1.8.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioners pay the instalments on the due dates without default, coercive proceedings for recovery of the amounts shall be kept in abeyance. However, if the petitioners commit default in payment of any 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. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge