IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 27TH JULY 2011 / 5TH SRAVANA 1933 WP(C).No. 20466 of 2011(G) -------------------------- PETITIONER ------------------ S.UDAYAKUMAR,AGED 37 YEARS,S/O.SUKUMARAN KARUKATHARA HOUSE,THODIYOOR MURI, THODIYOOR VILLAGE,690523,(PROPRIETOR,M/S.CHOICE ASSOCIATES,KARUKATHARAYIL,THODIYOOR.P.O, KARUNAGAPPALLY,KOLLAM). BY ADV. SRI.S.MOHANAN RESPONDENT(S): ---------------------- STATE BANK OF INDIA,REPRESENTED BY ITS CHIEF MANAGER,(RASMECCC)KOLLAM-691001. BY ADV. SRI.P.V.SURENDRANATH, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 20466 of 2011(G) ------------------------------------ APPENDIX ---------------- PETITIONER'S EXHIBITS ------------------------------------ EXT.P1. COPY OF THE SALE DEED DT. 10.6.2005 EXT.P2. COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER TO THE PETITIONER. RESPONDENT'S EXHIBITS : NIL ------------------------------------ / TRUE COPY / P.A. TO JUDGE VK S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.20466 OF 2011 ---------------------------------------------- Dated this the 27th day of July, 2011 JUDGMENT The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondent bank for recovery of the loan amounts due from the petitioner to the respondent bank. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amounts due instalments. . 2. This is opposed by the learned Standing Counsel for the bank. 3. Having heard both sides, I dispose of this writ petition with the following directions: The respondent shall permit the petitioner to pay off the balance amount due in eight equal monthly instalments starting from 1.9.2011. 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 W.P.(C)No.20466/11 2 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.20466/11 3