IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 14TH NOVEMBER 2011 / 23RD KARTHIKA 1933 WP(C).No. 30195 of 2011(Y) ------------------------------------ PETITIONER(S): ----------------------- SURENDRAN, AGED 43 YEARS,S/O.VELAYUDHAN, THATTARUKANDIYIL HOUSE, MANATHANATHU TEMPLE ROAD, KARANTHOOR P.O,KUNNAMANGALAM, KOZHIKODE BY ADVS. SRI.P.S.SREEDHARAN PILLAI SRI.SANDEEP.T.K SRI.ARJUN SREEDHAR SRI.ANEISH RAVINDRA SRI.ARUN KRISHNADHAN RESPONDENT(S): ------------------------ 1. MANAGER, STATE BANK OF TRAVANCORE, KUNNAMANGALAM BRANCH, CALICUT - 673 571 2. CHIEF MANAGER, STATE BANK OF TRAVANCORE, STRESSED ASSETS RESOLUTION CENTRE, 2ND FLOOR,THAVOT PALACE, KANNUR ROAD,CALICUT - 673 001 BY ADV. SRI.T.SETHUMADHAVAN. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 14/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: STU WP(C).No. 30195 of 2011(Y) APPENDIX PETITIONER(S) EXHIBITS : EXT.P1 TRUE COPY OF THE NOTICE DATED 16.05.2011 EXT.P2 TRUE COPY OF THE LEGAL NOTICE 19.09.2011 EXT.P3 TRUE COPY OF THE REPLY LETTER DATED 30.09.2011 RESPONDENTS' EXHIBITS : NIL //TRUE COPY// P.A TO JUDGE. STU S.SIRI JAGAN, J. ================== W.P.(C).No. 30195 of 2011 ================== Dated this the 14th day of November, 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 amounts due in eight 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 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 respondents 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 :-