IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 7TH SEPTEMBER 2011 / 16TH BHADRA 1933 WP(C).No. 24461 of 2011(G) -------------------------- PETITIONER(S): --------------- ABDUL RASHEED P.P. AGED 38 YEARS, S/O.MUHAMMED, POTTAN PULAN HOUSE, PERUMBRAMBA, MELMURI PO MALAPPURM DISTRICT 676 514. BY ADV. SRI.P.V.GEORGE(PUTHIYIDAM) SRI.P.VENUGOPAL (1086/92) RESPONDENT(S): --------------- 1. STATE BENK OF INDIA MALAPPURAM BRANCH, REPRESENTED BRANCH MANAGER BILAL BUILDING, KIZHAKETHALA JUNCTION PANAKKAD, MALAPPURAM DISTRICT 676 505. 2. AUTHORIZED OFFICER AND CHIEF MANAGER STATE BANK OF INDIA, REGIONAL BUSINESS OFFICE, IST FLOOR, SOUTHERN TRADE TOWER, PUSHPA JUNCTION FRANCIS ROAD, CALICUT 673 002. ADV.P.V.SURENDRAN, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 07/09/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C).No. 24461/2011 APPENDIX PETITIONER(S)' EXHIBITS P1. COPY OF THE NOTICE DTD.12.2.2011. P2. COPY OF THE NOTICE DTD.11.7.11 PUBLISHED IN MALAYALA MANORAMA DTD.17.7.11. sdk+ ///True copy/// P.A. to Judge S.SIRI JAGAN, J. ================== W.P.(C).No. 24461 of 2011 ================== Dated this the 7th day of September, 2011 J U D G M E N T The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, initiated by the respondents for recovery of loan amounts defaulted by the petitioner. 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. 3. However, taking a lenient view, I dispose of this writ petition with the following directions; The petitioner shall pay the balance amounts due in ten equal monthly instalments starting from 1.10.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the instalments on the due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits 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