IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 19TH OCTOBER 2011 / 27TH ASWINA 1933 WP(C).No. 27674 of 2011(H) -------------------------- CMP.3455/2010 of C.J.M.,KOTTAYAM .................... PETITIONER(S): -------------- SATHEESAN E.M., S/O MADHAVAN, AGED 43 YEARS, KALIKKATTUPUTHANPURAYIL, KUMMANAM P.O., CHENGALAM VILLAGE, KOTTAYAM TALUK. BY ADV. SRI.C.A.CHACKO SMT.C.M.CHARISMA RESPONDENT(S): -------------- 1. THE AUTHORISED OFFICER, (CHIEF MANAGER), STRESSED ASSETS RESOLUTION CENTRE(SARC), STATE BANK OF TRAVANCORE, ZONAL OFFICE, KOTTAYAM., PIN - 686 001. 2. THE BRANCH MANAGER, STATE BANK OF TRAVANCORE, THIRUVARPU BRANCH, KOTTAYAM DISTRICT, PIN 686 033. R1 & R2 BY ADV. MR. SATHISH NINAN, SC, SBT MR. SANTHOSH MATHEW, SC, SBT THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: BKA WP(C).No. 27674 of 2011(H) APPENDIX PETITIONER'S EXHIBITS: EXT.P1 : TRUE COPY OF RELEVANT PAGES OF PASSBOOK. EXT.P2 : TRUE COPY OF NOTICE UNDER SEC.13(4) OF THE ACT DTD 22.7.2011. EXT.P3 : THE TRUE COPY OF ORDER OF CHIEF JUDICIAL MAGISTRATE COURT, KOTTAYAM IN CMP NO.3455/10 DTD 31.3.2011. RESPONDENTS' EXHIBITS: NIL //TRUE COPY// PA TO JUDGE BKA S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.27674 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 19th day of October, 2011 J U D G M E N T The petitioner is 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 petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks 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 petitioner 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 petitioner to pay off the balance amount due in 8 (eight) equal monthly W.P.(C)No.27674 of 2011 -2- instalments starting from 01.12.2011. 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 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/