IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 2ND SEPTEMBER 2011 / 11TH BHADRA 1933 WP(C).No. 23902 of 2011(K) -------------------------- PETITIONER(S): --------------- V.SUMANGALA, W/O.LATE GANGADHARAN AGED 66 YEARS, PUTHVAL KADAYARA VEEDU, PALACHALKONAM, KATTACHALKUZHI P.O.,TRIVANDRUM. BY ADV. SRI.S.MOHAMMED AL RAFI RESPONDENT(S): --------------- 1. THIRUVANANTHAPURAM DISTRICT CO-OP. BANK REP.BY AUTHORISED OFFICER/GENERAL MANAGER, THIRUVANANTHAPURAM-695001. 2. BRANCH MANAGER, THIRUVANANTHAPURAM DISTRICT CO-OP BANK BALARAMAPURAM,THIRUVANANTHAPURAM-695001 3. JOINT REGISTRAR (GENERAL) O/O.CO-OP SOCIETIES THIRUVANANTHAPURAM-695001 GOVERNMENT PLEADER SHRI.C.K.GOVINDAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/09/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C).No. 23902/2011 APPENDIX PETITIONER(S)' EXHIBIT P1. COPY OF THE NOTICE DTD.18.5.2011. P2. COPY OF THE PETITION DTD.25.5.2010 BEFORE R1. P3. COPY OF THE LETTER DTD.1.7.2010. sdk+ ///True copy/// P.A. to Judge S.SIRI JAGAN, J. ================== W.P.(C).No. 23902 of 2011 ================== Dated this the 2nd day of September, 2011 J U D G M E N T The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, initiated by the respondents for recovery of loan amounts defaulted by the petitioner. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amounts due in instalments. 2. This is opposed by the learned counsel for the bank. 3. However, taking a lenient view, I dispose of this writ petition with the following directions; The petitioner shall pay the balance amount due in eight equal monthly instalments starting from 1.10.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the instalments on the due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of any 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. If the petitioner files an application seeking reduction in interest, the same shall be considered by the bank appropriately in accordance with the rules and policies of the bank. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge