IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 25TH JULY 2011 / 3RD SRAVANA 1933 WP(C).No. 20110 of 2011(K) -------------------------- PETITIONER ------------------- DEEPU.A.M., AGED 34 YEARS, P.K.MANMADAN, ARAYASSERIL VELIYIL, THUMPOLY POST, ALAPPUZHA-688 008. BY ADVS. SMT.T.D.RAJALAKSHMI ` SRI.RANJIT SREENIVAS RESPONDENT(S): ------------------------ 1. STATE BANK OF INDIA, KOMMADY BRANCH, ALAPPUZHA, REPRESENTED BY THE BRANCH MANAGER, PIN-688 008. 2. THE CHIEF MANAGER (AUTHORISED OFFICER), STATE BANK OF INDIA, REGIONAL BUSINESS OFFICE, ALAPPUZHA, PIN-688 001. BY SRI.R.S.KALKURA, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 20110 of 2011(A) ---------------------------------------- APPENDIX ----------------- PETITIONER'S EXHIBITS ------------------------------------- EXT.P1. COPY OF THE NOTICE ISSUED BY THE 2ND RESPONDENT U/S 13(2) OF THE SARFAESI ACT DT. 22.5.2010 EXT.P2. COPY OF THE NOTICE DEMANDING VACANT POSSESSION OF THE SECURED ASSET. EXT.P3. COPY OF THE STATEMENT OF ACCOUNT DT. 18.7.2011 ISSUED BY THE 1ST RESPONDENT. EXT.P4. COPY OF THE RECEIPT DT. 19.7.2011 ISSUED BY THE FIRST RESPONDENT. RESPODENT'S EXHIBITS ------------------------------------- /TRUE COPY / P.A. TO JUDGE VK S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 20110 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 25th day of July, 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 (SARFAESI Act) initiated by the respondents for recovery of loan amount due from the petitioner to the respondents. 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 W.P.(C)No. 20110 of 2011 -2- to pay off the balance amount due in 10 (ten) equal monthly instalments starting from 01.09.2011. 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/