IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 1ST AUGUST 2011 / 10TH SRAVANA 1933 WP(C).No. 20294 of 2011(J) -------------------------- PETITIONER(S) :- ------------------------- K.K. SUNIL KUMAR, AGED 44 YEARS, S/O. KUMARAN, KANNANCHERY HOUSE, MULAMKUNNATHUKAVU.P.O, THRISSUR. BY ADV. SRI.P.SANTHOSH (PODUVAL) SMT.R.RAJITHA RESPONDENT(S) :- --------------------------- 1. THRISSUR DISTRICT CO-OPERATIVE BANK LTD., SAHAKARANA SADABDHI MANDIRAM, KOVILAKATHUMPADOM, THRISSUR - 680 001, REPRESENTED BY ITS GENEAL MANAGER. 2. C.O. SEBASTIAN, AUTHORISED OFFICER, THRISSUR DISTRICT CO-OPERATIVE BANK, SAHAKARANA SADABDHI MANDIRAM, KOVILAKATHUMPADOM, THRISSUR - 680 001. 3. REMYA.T.R, W/O. SURESH, VELLANCHERY HOUSE, MULAMKUNNATHUKAVU.P.O, THRISSUR - 680 001. 4. SHAJI, S/O. SUBRAMANIAN, CHULLIPARAMBIL HOSE, P.O. PERINCHERY, THRISSUR - 680 306. 5. MALATHI, W/O. KUNJU, VELLANCHERY HOUSE, MULAMKUNNATHUKAVU.P.O, THRISSUR - 680 001. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01/08/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: jvt WP(C).No.20294 OF 2011 APPENDIX Petitioner's Exhibits :- Ext.P1 :- Copy of the Notice issued by the 2nd respondent to the petitioner and the 3rd respondent. Ext.P2 :- Copy of the notice Dtd.29/7/2010 issued by 2nd respondent to the petitioner and 4th respondent. Ext.P3 :- Copy of the notice dated 29/7/2010 issued by 2nd respondent to the petitioner and 3rd respondent. Ext.P4 :- Copy of the public notice published by the 2nd respondent in Mathrubhoomi daily dated 21/9/2010. Ext.P5 :- Copy of the judgment in W.P.(C) 30694/10 dated 6/10/10. Ext.P6 :- Copy of the representation submitted by the petitioner before the 2nd respondent. Ext.P7 :- Copy of the letter dated 13/12/2010 issued by the 2nd respondent. Respondent's Exhibits :- NIL. //True Copy// P.A. to Judge S.SIRI JAGAN, J. ------------------------------------- WP(C) No.20294 of 2011 -------------------------------------- Dated this the 1st day of August, 2011 JUDGMENT The petitioner is challenging proceedings under the Securitization And Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI ACT) initiated by the first respondent for recovery of loan amount due from respondents 2 to 5 to the first respondent for due repayment of which loan, the petitioner was a guarantor. The petitioner seeks facility to pay off the instalments. This is opposed by the learned counsel for the first respondent. Having heard both sides, I dispose of this writ petition with the following directions:- The petitioner shall pay an amount of Rs.5,00,000/- within one month from today. The balance amount shall be paid in ten equal monthly instalments starting from 01.11.2011. Subsequent instalments shall be paid on the first working day of every succeeding month. If the petitioner pays the initial amount of Rs.5,00,000/- and the future instalments as directed above, without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioner WP(C) No.20294 of 2011 : 2 : commits default in payment of either Rs.5,00,000/- or any one of the instalments on due dates, it shall be open to the the first respondent to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. S.SIRI JAGAN JUDGE dmb