IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 12TH OCTOBER 2011 / 20TH ASWINA 1933 WP(C).No. 26877 of 2011(H) ---------------------------------- PETITIONER(S): ------------------- RAMADEVI M.R., MULLAYIL KOTHATTU, AROOR P.O., ALAPPUZHA. BY ADV. SRI.SUNIL V.MOHAMMED RESPONDENT(S): -------------------- 1. THE CHIEF MANAGER & AUTHORISED OFFICER, SYNDICATE BANK, PIONEER TOWERS, SHANMUGHAM ROAD, ERNAKULAM - 682 031. 2. THE BRANCH MANAGER, SYNDICATE BANK, SHANMUGHAM ROAD BRANCH, ERNAKULAM - 682 031. BY ADV. SRI.R.S.KALKURA THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 12/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: svs W.P.(C). NO. 26877/2011 APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF THE NOTICE DATED 29/07/2011 ISSUED UNDER SECTION 13(2) OF THE SARFAESI ACT. P2: COPY OF THE REQUEST DATED 03/10/2011 FOR ONE TIME SETTLEMENT BENEFIT SUBMITTED BY THE PETITIONER BEFORE THE 1ST RESPONDENT. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A. TO JUDGE. svs S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 26877 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 12th 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 10 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/