IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 22ND DECEMBER 2011 / 1ST POUSHA 1933 WP(C).No. 34669 of 2011(G) -------------------------------------- PETITIONES : -------------------- 1. SREEJITH K., S/O. LATE K.M. BALAN NAMBIAR, KELENCHERY HOUSE, TEMPLE GATE P.O., THALASSERY. 2. NANDAKUMAR K., S/O. LATE K.M. BALAN NAMBIAR, KELENCHERY HOUSE, TEMPLE GATE P.O., THALASSERY. BY ADV. SRI.R.K.MURALEEDHARAN RESPONDENTS : ------------------------ 1. THE STATE BANK OF INDIA, REP. BY BRANCH MANAGER, MAIN BRANCH, STATE BANK OF INDIA, THALASSERY - 670 101. 2. THE CHIEF MANAGER, (AUTHORIZED OFFICER), STATE BANK OF INDIA, RETAIL ASSET SMALL & MEDIUM ENTERPRISES CITY CREDIT CENTER, (RASMECCC) SN PART ROAD, KANNUR - 670 001. BY ADV. SRI. A.S. SAJUSH PAUL, SC FOR SBI. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: DSV/- WP(C).No. 34669 of 2011(G) APPENDIX PETITIONERS' EXHIBITS: EXT P1 : COPY OF THE DOCUMENT EXECUTED BY AMMUKUTTY AMMA IN FAVOUR OF THE PETITIONERS DATED 26/05/2011. EXT P2 : COPY OF THE NOTICE UNDER SECTION 13(2) OF THE SARFAESI ACT DATED 27/10/2010. EXT P3 : COPY OF THE SALE NOTICE ISSUED BY THE 2ND RESPONDENT DATED 17/11/2011 PUBLISHED IN MATHRUBHOOMI DAILY DATED 23/11/2011. RESPONDENTS' EXHIBITS: NIL /TRUE COPY/ P.A. TO JUDGE DSV/- S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 34669 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 22nd day of December, 2011. J U D G M E N T The petitioners are defaulters 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 petitioners do not dispute the liability to pay or the quantum. The petitioners only seek 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 petitioners to pay off the amounts due in 10 equal monthly instalments starting from 16.1.2012. Every subsequent instalment shall be paid on the first working day after 15th of every succeeding month. If the petitioners pay the instalment amounts on due dates without default, proceedings under the Act shall be kept in abeyance. However, if the petitioners commit 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/