IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 15TH NOVEMBER 2011 / 24TH KARTHIKA 1933 WP(C).No. 30313 of 2011(L) --------- -------------------------- PETITIONER(S): ----------------------- 1. MR.JAISON JACOB, AGED 37, S/O.K.L.JACOB, PROPRIETOR OF M/S.KAVUNGAL AYURVEDICS, CHALAKUDY, RESIDING AT KAVUNGAL HOUSE, ELINJIPRA DESOM, ELINJIPRA VILLAGE, MUKUNDAPURAM TALUK, CHALAKUDY, ELINJIPRA P.O., THRISSUR DISTRICT, PIN-680 721. 2. MR.JOHNSON JACOB, AGED 39, S/O.K.L.JACOB, RESIDING AT KAVUNGAL HOUSE, ELINJIPRA DESOM, ELINJIPRA VILLAGE, MUKUNDAPURAM TALUK, CHALAKUDY, ELINJIPRA P.O., THRISSUR DISTRICT, PIN-680 721. BY ADVS. SRI.M.N.MANOJ SRI.V.C.VALSAN RESPONDENT(S): ------------------------ 1. THE STATE BANK OF INDIA, REPRESENTED BY ITS CHIEF MANAGER (RCPC) STATE BANK OF INDIA REGIONAL BUSINESS OFFICE, BHARATHAKSHEMAM BUILDING, ST.THOMAS COLLEGE ROAD, THRISSUR DISTRICT, PIN-680 005. 2. THE CHIEF MANAGER (RURAL) STATE BANK OF INDIA, REGIONAL BUSINESS OFFICE, THRISSUR DISTRICT, PIN-680 005. 3. THE STATE BANK OF INDIA, CHALAKUDY BRANCH (ADB), REPRESENTED BY ITS MANAGER, CHALAKUDY P.O., THRISSUR DISTRICT, PIN-680 307. BY ADV.SRI.N.RAJAGOPALAN NAIR, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 15/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: STU WP(C).No. 30313 of 2011(L) APPENDIX PETITIONER(S) EXHIBITS : EXHIBIT P1: THE TRUE COPY OF THE NOTICE ISSUED BY THE 2ND RESPONDENT DATED 31/10/2011 UNDER RULE 8(1)OF THE SECURITY INTEREST (ENFORCEMENT) RULES-2002 AGAIANST THE 1ST PETITIONER WITH COPY TO THE 2ND PETITIONERS UNDER THE NAME AND STYLE AS THAT OF A POSSESSION NOTICE (FOR IMMOVABLE PROPERTY). EXHIBIT P2: THE TRUE COPY OF THE NOTICE ISSUED BY THE 1ST RESPONDENT TO THE 2ND PETTIONER WITH COPY TO THE 1ST PETITIONER, DATED 31/10/2011, STATING THAT THE RESPONDENT BANK HAS ENGAGED M/S.NATIONAL ASSETS MANAGEMENT COMPANY TO TAKE ALL NECESSARY STEPS FOR THE EXERCISE OF THE RIGHT UNDER SECTION 13(4)OF THE SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT-2002. RESPONDENTS' EXHIBITS : NIL //TRUE COPY// P.A TO JUDGE. STU S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.30313 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 15th day of November, 2011 J U D G M E N T The petitioners are aggrieved by the proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) initiated by the respondents for recovery of defaulted loan amounts. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek facility to pay off the amount in instalments. 2. This is opposed by the learned counsel for the Bank. 3. Having heard both sides, I am of opinion that the respondents can show some more leniency to the petitioners in the matter of payment of the balance amount due in instalments. Accordingly, this writ petition is disposed of with a direction to the respondents to permit the petitioners to pay off the balance amount due in 10 (ten) equal monthly instalments starting from 01.12.2011. Every W.P.(C)No.30313 of 2011 -2- 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. Sd/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/