IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 11TH NOVEMBER 2011 / 20TH KARTHIKA 1933 WP(C).No. 30029 of 2011(C) ------------------------------------ MC.502/2011 of C.J.M.,TRIVANDRUM .................... PETITIONER(S): ----------------------- 1. S.SAMSON, S/O.SIVADASAN, AGED 33 YEARS, ARTHIYIL PURAYIDOM, MARIYANAD, PUTHUKURICHY P.O., THIRUVANANTHAPURAM. 2. M/S.FRIENDS BOAT YARD, MARIYANAD, PUTHUKURICHY P.O., THIRUVANANTHAPURAM, REPRESENTED BY ITS PROPRIETOR, S.SAMSON. BY ADV. SRI.P.V.ANIL SMT.R.RAMYA RESPONDENT(S): ------------------------ M/S.INDIAN BANK, PUTHENTHOPE BRANCH, THIRUVANANTHAPURAM, 695001, REPRESENTED BY ITS ASSISTANT GENERAL MANAGER (AUTHORIZED OFFICER). BY ADV. SRI.P.PRIJITH, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 11/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss W.P.(C) NO.30029/2011 APPENDIX PETITIONER(S) EXHIBITS P1:- COPY OF THE COMPLAINT FILED BY THE RESPONDENT BEFORE THE HON'BLE CHIEF JUDICIAL MAGISTRATE COURT, THIRUVANANTHAPURAM AS M.C.NO.502/2011. P2:- COPY OF THE RECEIPT DATED 11/1/2011 ISSUED BY THE BANK FOR RS.50,000/-. P3:- COPY OF THE RECEIPT DATED 16/02/2011 ISSUED BY THE BANK FOR RS.50,000/-. P4:- COPY OF THE RECEIPT DATED 14/07/2011 ISSUED BY THE BANK FOR RS.10,000/-. P5:- COPY OF THE RECEIPT DATED 07/10/2011 ISSUED BY THE BANK FOR RS.10,000/-. P6:- COPY OF THE ORDER IN M.C.NO.502/2011 DATED 16/8/2011 OF CHIEF JUDICIAL MAGISTRATE COURT, THIRUVANANTHAPURAM. P7:- COPY OF THE NOTICE DATED 28/10/2011 SENT BY THE ADVOCATE COMMISSIONER. RESPONDENTS' EXHIBITS NIL:- TRUE COPY P.A.TO JUDGE tss S.SIRI JAGAN, J. ================== W.P.(C).No. 30029 of 2011 ================== Dated this the 11th day of November, 2011 J U D G M E N T The petitioners challenge proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, initiated by the respondent for recovery of loan amounts defaulted by the petitioners. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek 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 petitioners shall pay the balance amounts due in ten equal monthly instalments starting from 1.12.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioners pay the instalments on the due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioners commit 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. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge - : 2 :-