IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 10TH OCTOBER 2011 / 18TH ASWINA 1933 WP(C).No. 33904 of 2010(K) ---------------------------------------- PETITIONER(S): ------------------------ K.DEVADAS,PROPRIETOR, M/S.SULBHAM MARGIN FREE SUPER BAZAAR,MULACKATHARA BUILDINGS, NEAR RAILWAY STATION, CHENGANNOOR. BY ADV. SRI.M.P.MADHAVANKUTTY RESPONDENT(S): --------------------------- 1. AUTHORIZED OFFICER, CORPORATION BANK, VYKKATHETHU BUILDINGS,BETHEL JUNCTION, CHENGANNOOR.PIN-689 121 2. BRANCH MANAGER, CORPORATION BANK, VYKKATHETHU BUILDINGS, BETHEL JUNCTION, CHENGANNOOR.PIN-689 121 3. CORPORATION BANK,VYKKATHETHU BUILDINGS BETHEL JUNCTION,CHENGANNOOR,REP.BY ITS BRANCH MANAGER.PIN-689 121 4. TAHASILDAR, CHENGANNOOR.PIN-689 121 R1 TO R3 BY ADV. SRI.N.RAJENDRAN SRI.FRIJO K.SUNDARAM R4 BY SR GOVERNMENT PLEADER SRI.JAMES MATHEW KADAVAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 10/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sts WP(C)NO.33904/2010 APPENDIX PETITIONER'S EXHIBITS: P1 COPY OF THE DEMAND NOTICE DATED 22/12/2008 ISSUED TO THE PETITIONER. P2 COPY OF THE NOTICE DATED 21/08/2009 ISSUED TO THE PETITIONER. P3 COPY OF THE NOTICE DATED 25/03/2009 ISSUED BY THE DISTRICT MAGISTRATE, ALAPPUZHA. P4 COPY OF THE LETTER SENT BY THE PETITIONER TO THE 2ND RESPONDENT. RESPONDENT'S EXHIBITS: R1(A) COPY OF THE STATEMENT OF ACCOUNTS IN THE PRINCIPAL LOAN ACCOUNT NO.CC/01/07001 R1(B) COPY OF THE STATEMENT OF ACCOUNTS IN THE UNCHARGED INTEREST ACCOUNT NO.CC/01/07001. R1(C) COPY OF THE STATEMENT OF ACCOUNTS IN THE PRINCIPAL LOAN ACCOUNT NO.CMOBI/01/050012 R1(D) COPY OF THE STATEMENT OF ACCOUNTS IN THE UNCHARGED INTEREST ACCOUNT NO.CMOBI/01/050012 R1(E) COPY OF THE DEMAND NOTICE PUBLISHED IN 'MANGALAM' DAILY DATED 11/05/2009. R1(F) COPY OF THE STATEMENT OF ACCOUNTS IN THE PRINCIPAL LOAN ACCOUNT NO.OD/01/070001 R1(G) COPY OF THE STATEMENT OF ACCOUNTS IN THE UNCHARGED INTEREST ACCOUNT NO.OD/01/07001. R19H) COPY OF THE STATEMENT OF ACCOUNTS IN THE PRINCIPAL LOAN ACCOUNT NO.DLS/01/07003. R1(I) COPY OF THE STATEMENT OF ACCOUNTS IN THE UNCHARGED INTEREST ACCOUNT NO.DLS/01/070003. /TRUE COPY/ P.A.TO.JUDGE sts S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 33904 of 2010 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 10th day of October, 2011 J U D G M E N T The petitioner is aggrieved by the 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 defaulted loan amounts. 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 to pay off the balance amount due in 10 (ten) equal monthly W.P.(C)No. 33904 of 2010 -2- instalments starting from 01.11.2011. 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/