IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 23RD DECEMBER 2011 / 2ND POUSHA 1933 WP(C).No. 35033 of 2011(D) ------------------------------------ PETITIONER : - ----------------------- SIVAKUMAR.K, AGED 44, S/O. KESAVAN, THAZHATHEPURAKKAL HOUSE, VELLARAKKADU VILLAGE, KUDAKKUZHY DESAM, KADANGODE POST, THALAPPILLY TALUK, THRISSUR - 680 584. BY ADVS SMT.M.R.REENA SRI. P.S. SUJETH SRI. PRAVEEN K. JOY RESPONDENTS : - --------------------------- 1. STATE BANK OF TRAVANCORE, MAIN BRANCH, PAREMAKKAVU, THRISSUR DISTRICT, REPRESENTED BY ITS BRANCH MANAGER, PIN - 680 001. 2. THE AUTHORISED OFFICER, STATE BANK OF TRAVANCORE, STRESSED ASSET RESOLUTION CENTRE, 'GEETHANJALI BUILDING', PAREMEKKAVU, THRISSUR - 680 001. BY ADV. SRI. J. SETHUMADHAVAN, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 23/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 35033 of 2011(D) APPENDIX PETITIONER'S EXHIBITS: EXT P1 : COPY OF THE MEDICAL REPORTS OF THE FATHER OF THE PETITIONER, DATED 07.11.2011 AND 28.09.2011. EXT P2 : COPY OF THE NOTICE U/S 13 (2) ISSUED BY THE AUTHORIZED OFFICER, DATED 20.10.2011. EXT P3 : COPY OF REPRESENTATION GIVEN TO THE BRANCH MANAGER, DATED 20.11.2011. RESPONDENTS' EXHIBITS: NIL. TRUE COPY P.A. TO JUDGE DMR/- S.SIRI JAGAN, J. ================== W.P.(C).No. 35033 of 2011 ================== Dated this the 23rd day of December, 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 16.1.2012. Every subsequent instalment shall be paid on the first working day after 15th 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 - : 2 :-