IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 21ST OCTOBER 2011 / 29TH ASWINA 1933 WP(C).No. 23083 of 2011(I) ---------------------------------------- PETITIONER(S): ------------------------- SANAL KUMAR, MULAYAMKUZHI VEEDU, VELIYAMCODE, VELIYAMCODE P.O., MARANALLOOR, NEYYATTINKARA TALUK. BY ADV. SRI.G.SUDHEER RESPONDENT(S): ---------------------------- THE THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK LTD., REPRESENTED BY ITS AUTHORISED OFFICER, HEAD OFFICE, THIRUVANANTHAPURAM-695 001. BY ADV. SRI. K.U.RADHAKRISHNAN, SC THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 21/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss WPC.NO.23083/2011 I APPENDIX PETITIONER'S EXHIBITS: EXT.P1: TRUE COPY OF THE NOTICES ISSUED BY THE TALUK LEGAL SERVICES COMMITTEE, NEYYATTINKARA. EXT.P2: TRUE COPY OF THE NOTICE ISSUED UNDER SECTION 13(2) OF SARFEEASI ACT ISSUED BY THE RESPONDENT BANK TO THE PETITIONER DATED 7.7.2011 EXT.P3: TRUE COPY OF WRITTN REQUEST SUBMITTED BY THE PETITIONER BEFORE THE RESPONDENT BANK DATED 12.8.2011. RESPONDENT'S EXHIBITS : N I L /TRUE COPY/ P.A.TO JUDGE Kss S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.23083 OF 2011 ---------------------------------------------- Dated this the 21st day of October, 2011 JUDGMENT The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondent for recovery of loan amounts due from the petitioner to the respondent. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amounts in instalments. 2. This Court passed an interim order on 24.8.2011 directing the petitioner to pay an amount of Rs.75,000/- within six weeks. Although belatedly, the petitioner has paid that amount. The petitioner seeks permission to pay off the balance amounts due in instalments. 3. This is opposed by the learned counsel for the bank. 4. However, taking a lenient view, I dispose of this writ petition with the following directions: W.P.(C)No.23083/11 2 The respondent shall permit the petitioner to pay off the balance amount due in ten equal monthly instalments starting from 1.11.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the instalments on due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of any one of the instalments, it would be open to the respondent 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.23083/11 3 W.P.(C)No.23083/11 4