IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 28TH NOVEMBER 2011 / 7TH AGRAHAYANA 1933 WP(C).No. 31712 of 2011(L) ------------------------------------- PETITIONER(S): ----------------------- K.R.PRASAD, S/O.RAGHAVAN PILLAI, AGED 44 YEARS, RESIDING AT MANTHRALAYA, T.C. 9/1775-3, C.P.G.P. LANE, SASTHAMANGALAM, THIRUVANANTHAPURAM, PROPRIETOR, M/S. MANTHRALAYA CONSTRUCTIONS, T.C. 9/1488. 1489. SASTHAMANGALAM JUNCTION, THIRUVANANTHAPURAM. BY ADV. SRI.AYYAPPAN SANKAR RESPONDENT(S): ------------------------ M/S. STATE BANK OF INDIA REPRESENTED BY ITS AUTHORIZED OFFICER, THE CHIEF MANAGER, STATE BANK OF INDIA, COMMERCIAL BRANCH, SREE GANESH KRIPA, HOTEL JAS ROAD, THYCAUD, THIRUVANANTHAPURAM 695 001. BY ADV. SRI.N.RAJAGOPALAN NAIR THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 28/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss W.P.(C) NO.31712/2011 APPENDIX PETITIONER'S EXHIBITS P1:- COPY OF THE REPLY DTD. 16.6.2010 TO THE DEMAND NOTICE U/S. 13(2) OF THE SARFAESI ACT. P2:- COPY OF THE LETTER DTD. 24.6.2010 ISSUED BY THE RESPONDENT REJECTING REQUEST IN EXT.P2. P3:- COPY OF THE ACCOUNT STATEMENT SHOWING REMITTANCE OF RS. 4,00,000/- (RUPEES FOUR LAKSH) EACH ON 27.9.2010 AND 29.9.2010. P4:- COPY OF THE STATEMENT OF ACCOUNT IN THE SPLIT UP ACCOUNTS FOR THE PERIOD TILL 20.4.2011. P5:- COPY OF THE STATEMENT OF ACCOUNT IN THE SPLIT UP ACCOUNTS FOR THE PERIOD TILL 20.4.2011. P6:- COPY OF THE PETITION DTD. 18.12.2010 ALONG WITH THE NOTICE ISSUED TO THE PETITIONER IN MC. 111/2010 FILED BEFORE THE HONOURABLE CHIEF JUDICIAL MAGISTRATE'S COURT THIRUVANANTHAPURAM. P7:- COPY OF THE ORDER DTD. 26.4.2011 OF THE HONOURABLE CHIEF JUDICIAL MAGISTRATE, THIRUVANANTHAPURAM IN MC. 111/2010. P8:- COPY OF THE JUDGMENT DTD. 22.7.2011 OF THIS HONOURABLE HIGH COURT IN WP(C) 19818/2011. P9:- COPY OF THE AGREEMENT FOR SALE DTD. 26.11.2011. P10:- COPY OF THE DEMAND DRAFT NO.1162351 DTD. 26.11.2011 FOR RS. 25,00,000/- (RUPEES TWENTY FIVE LAKHS) DRAWN FROM STATE BANK OF TRAVANCORE. P11:- COPY OF THE REQUEST LETTER DTD. 26.11.2011 SUBMITTED BY THE PETITIONER BEFORE THE RESPONDENT REQUESTING 45 YEARS TIME TO PERMANENTLY WIPE OFF THE ENTIRE DEBT. RESPONDENT'S EXHIBITS NIL:- TRUE COPY P.A. TO JUDGE tss S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.31712 of 2011 ---------------------------------------------- Dated this the 28th day of November, 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 the loan amounts due from the petitioner to the respondent. The petitioner does not dispute the liability to pay or the quantum. The learned counsel for the petitioner submits that the petitioner is ready to pay off the entire balance amounts due within 45 days. 2. This is opposed by the learned counsel for the bank. Having heard both sides, I dispose of this writ petition with a direction to the respondent to give the petitioner 45 days' time from today to pay off the balance amount due. If the petitioner pays the amounts within the said period, further proceedings under the Act shall be dropped. However, if the petitioner W.P.(C)No.31712/11 2 commits default in payment as undertaken, the respondent is free 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.31712/11 3