IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 4TH OCTOBER 2011 / 12TH ASWINA 1933 WP(C).No. 26321 of 2011(M) ----------------------------------------- PETITIONER(S): ------------------------ SIVADASAN, S/O.PURUSHOTHAMAN, MANGALATHU VEEDU, VILAKKUPARA. P.O, ANCHAL, KOLLAM. BY ADV. SRI.B.MOHANLAL, SMT.P.S.PREETHA, SRI.SAIJU S., SRI.T.PRASAD. RESPONDENT(S): -------------------------- THE AUTHORIZED OFFICER (CHIEF MANAGER), STATE BANK OF TRAVANCORE, ANCHAL BRANCH, KOLLAM, PIN-691 016. BY ADV. MR.R.S. KALKURA, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04/10/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: rs WP(C).No. 26321 of 2011(M) APPENDIX PETITIONER'S EXHIBITS: EXHIBIT-P1: THE TRUE COPY OF THE CASE SUMMARY AND DISCHARGE RECORD ISSUED FROM SREE CHITHRA THIRUNAL INSTITUTE OF SCIENCE AND TECHNOLOGY,THIRUVANANTHAPURAM TO THE PETITIONER. EXHIBIT-P2: THE TRUE COPY OF THE NOTICE FROM THE ADVOCATE COMMISSIONER, IN CMP.4574/2011 OF THE CHIEF JUDICIAL MAGISTRATE COURT, KOLLAM. EXHIBIT-P3: THE TRUE COPY OF THE STATEMENT OF ACCOUNT ISSUED BY THE RESPONDENT. RESPONDENT'S EXHIBITS:- NIL. //TRUE COPY// P.A. TO JUDGE rs S.SIRI JAGAN, J. ================== W.P.(C).No. 26321 of 2011 ================== Dated this the 4th day of October, 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 respondent 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 amounts due in ten equal monthly instalments starting from 1.11.2011. 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. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge 2