IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 2ND DECEMBER 2011 / 11TH AGRAHAYANA 1933 WP(C).No. 13489 of 2010(I) ------------------------------------- PETITIONER(S): ---------------------- P.SURESHAN, AGED 40 YEARS, S/O SADANANDAN, PONNAMKANDI HOUSE, AVERA, P.O.KADALAYI, KANNUR DISTRICT. BY ADV. SRI.P.U.SHAILAJAN RESPONDENT(S): ------------------------- 1. MANANGING DIRECTOR, THE KERALA STATE CO-OPERATIVE BANK LTD., THIRUVANANTHAPURAM. 2. THE REGIONAL MANAGER, THE KERALA STATE CO-OPERATIVE BANK LTD., KOZHIKODE REGIONAL OFFICE, M.M.ALI ROAD, KOZHIKODE. 3. THE BRANCH MANAGER, THE KERALA STATE CO-OPERATIVE BANK, KANNUR BRANCH. R1 TO R3 BY ADV. SRI. NAGARAJ NARAYANAN,SC,K.S.CO-OP BANK THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 02/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: DG WP(C).No. 13489 of 2010(I) APPENDIX PETITIONER'S EXHIBITS: EXT.P1 : COPY OF THE NOTICE DATED 24.03.2010 ISSUED TO THE PETITIONER BY THE 2ND RESPONDENT. EXT.P2 : COPY OF THE SALE NOTICE DATED 23.03.2010 ISSUED BY THE 2ND RESPONDENT. EXT.P3 : COPY OF THE APPLICATION SUBMITTED BY THE PETITIONER BEFORE THE 1ST RESPONDENT DATED 10.04.2010. /TRUE COPY/ P.A.TO JUDGE DG S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 13489 of 2010 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 2nd day of December, 2011. J U D G M E N T The petitioner is challenging proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security interest Act, 2002 initiated by the respondents for recovery of defaulted loan amounts. The petitioner does not dispute the liability or quantum. The petitioner only seeks a facility to pay 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 the following directions: The petitioner shall pay the amounts demanded in six monthly instalments starting from 2.1.2012. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the amounts on the due dates without default, further coercive recovery proceedings shall be kept in abeyance. However, if the petitioner commits default in complying with the above directions or in paying 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/