IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 4TH JULY 2011 / 13TH ASHADHA 1933 WP(C).No. 6659 of 2011(F) ------------------------- PETITIONERS: --------------- 1. M.K.LEKSHMANAN, S/O.LATE RAMANKUTTY, AGED 60 YEARS, PERMANENTLY RESIDING AT SANJU VILASAM, VELLAYAMBALAM, ALTHARA NAGAR, P.O.SASTHAMANGALAM, THIRUVANANTHAPURAM AND NOW RESIDING AT CHITHAMBARAM, TC 10/1662 (8) C7-117, P.O.VATTIYOORKAVU, THIRUVANANTHAPURAM. 2. P.N.RAJAMMA, W/O.M.K.LEKSHMANAN, AGED 54 YEARS, PERMANENTLY RESIDING AT SANJU VILASAM, VELLAYAMBALAM, ALTHARA NAGAR, P.O.SASTHAMANGALAM, THIRUVANANTHAPURAM AND NOW RESIDING AT CHITHAMBARAM, TC 10/1662 (8) C7-117, P.O.VATTIYOORKAVU, THIRUVANANTHAPURAM. BY ADV. MR. C.S.MANU MR. S.K.PREMRAJ RESPONDENTS: --------------- 1. ALLEPPEY DISTRICT CO-OPERATIVE BANK LTD, HEAD OFFICE, P.O.ALAPPUZHA, ALAPPUZHA, REPRESENTED BY ITS MANAGER.-688001 2. THE AUTHORIZED OFFICER, ALLEPPEY DISTRICT CO-OPERATIVE BANK LTD., HEAD OFFICE, P.O.ALAPPUZHA, ALAPPUZHA(CONSTITUTED UNDER SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002)-688001 3. ADV.VINEETHA, ADVOCATE COMMISSIONER APPOINTED BY THE HON'BLE COURT OF THE CHIEF JUDICIAL MAGISTRATE, THIRUVANANTHAPURAM IN CMP NO.CMP.843 OF 2011.-695001 THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 04/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 6659 of 2011(F) APPENDIX ---------------- PETITIONER'S EXHIBITS ---------------------------------- P1:- TRUE COPY OF THE NOTICE DT.9.7.10 ISSUED BY THE 2ND RESPONDENT TO THE 1ST PETITIONER. P2:- TRUE COPY OF THE NOTICE DATED 9.7.10 ISSUED BY THE 2ND RESPONDENT TO THE 2ND PETITIONER. P3:- TRUE COPY OF THE PAY-IN SLIP DT.29.9.10 FOR REMITTANCE OF RS.99,000/- ISSUED BY THE 1ST RESPONDENT TO THE PETITIONERS. P4:- TRUE COPY OF THE PAY-IN SLIP DATED 29.9.10 FOR REMITTANCE OF RS.1,000/- ISSUED BY THE 1ST RESPONDENT TO THE PETITIONERS. P5:- TRUE COPY OF CMP NO.843/2011 FILED BY THE 2ND RESPONDENT BEFORE THE HON'BLE CHIEF JUDICIAL MAGISTRATE'S COURT, ALLEPPEY. P6:- TRUE COPY OF THE NOTICE DATED 23.2.2011 ISSUED BY THE ADVOCATE COMMISSIONER IN CMP NO.843/11 ON THE FILES OF THE CHIEF JUDICIAL MAGISTRATE, ALAPPUZHA TO THE PETITIONERS. RESPPONDENT'S EXHIBITS :- NIL. //TRUE COPY// PA TO JUDGE S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.6659 OF 2011 ---------------------------------------------- Dated this the 4th day of July, 2011 JUDGMENT The petitioners challenge proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the 1st respondent bank for non-payment of loan amounts taken by the petitioners from the 1st respondent bank. The petitioners do not dispute the liability to pay or the quantum. They only seek time to pay off the amounts. This Court passed interim orders originally directing payment of Rs.1,50,000/- and later directing payment of a further amount of Rs.2 lakhs. Although the petitioners paid Rs.1,50,000/-, the petitioners have not paid further Rs.2 lakhs as directed by order dated 30.3.2011. The petitioners now submit that the petitioners can pay off the entire amount within three months. Although notice has been issued to the respondents, they have not chosen to enter appearance and contest the matter. Having heard the learned counsel for the petitioners, this W.P.(C)No.6659/11 2 writ petition is disposed of with a direction to respondents 1 and 2 to permit the petitioners to pay the balance amount due in three equal monthly instalments starting from 1.8.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioners pay the instalments on due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioners commit default in payment of any one 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. S. SIRI JAGAN, JUDGE acd W.P.(C)No.6659/11 3 W.P.(C)No.6659/11 4