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. 12896 of 2011(J) -------------------------------------- PETITIONER: ------------------- K.V.YOOSUF, S/O.K.V.MOHAMMAD KOYA, KAITHAVALAPPIL HOUSE, SAFA MAHAL, P.O.VENGERI, KOZHIKODE-673 010. BY ADV. SRI.NIRMAL. S. RESPONDENTS: ------------------------ 1. AUTHORISED OFFICER (CHIEF MANAGER), STATE BANK OF TRAVANCORE, STRESSED ASSETS RESOLUTION CENTRE (SARC), IIND FLOOR, THAVOT PLACE, KANNUR ROAD, KOZHIKODE-673 001. 2. K.V.SHAREEFA, W/O.K.V.YOOSUF, KAITHAVALAPPIL HOUSE, SAFA MAHAL, P.O.VENGERI, KOZHIKODE-673 010. R1 BY ADVS. SRI.T.SETHUMADHAVAN, SRI.PUSHPARAJAN KODOTH, SRI.K.JAYESH MOHANKUMAR. 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.12896/2011-J: APPENDIX PETITIONERS' EXHIBITS: EXT.P.1: COPY OF THE SEC. 13 (2) NOTICE DTD. 11/04/2011. EXT.P.2: COPY OF THE STATEMENT OF ACCOUNT OF THE PETITIONER FROM 01/03/2010 TO 03/03/2011 DTD. 03/03/2011. RESPONDENTS' EXHIBITS: NIL. //TRUE COPY// P.A. TO JUDGE. Prv. S.SIRI JAGAN, J. ================== W.P.(C).No. 12896 of 2011 ================== Dated this the 5th day of July, 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 the 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 in instalments. This is opposed by the learned counsel for the bank. However, taking a lenient view, I dispose of this writ petition with the following directions: The petitioner shall pay an amount of ` 2 lakhs within one month from today. The petitioner shall pay the balance amount due in six 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 amount of ` 2 lakhs within one month and the instalments on the due dates without default, coercive proceedings for recovery of the amounts shall be kept in abeyance. However, if the petitioner fails to comply with any of the directions above, 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