IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 14TH OCTOBER 2011 / 22ND ASWINA 1933 WP(C).No. 26629 of 2011(C) ---------------------------------- PETITIONER(S): ------------------- LEELA.K,W/O.TITUS POULOSE,KRIPA NIVAS, THENGUVILA,MANAPPURAM,MALAYINKIZH PO, THIRUVANANTHAUPRAM. BY ADV. SRI.BIJU BALAKRISHNAN RESPONDENT(S): -------------------- 1. STATE BANK OF INDIA, THAMPANOOR BRANCH, THIRUVANANTHAPURAM, REPRESENTED BY ITS MANAGER, PIN 695 015. 2. THE AUTHORIZED OFFICER, STATE BANK OF INDIA, SARC,LMS COMPOUND, THIRUVANANTHAPURAM, PIN 695 033. BY ADV. SRI.R.S.KALKURA THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 14/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: svs W.P.(C). NO. 26629/2011 APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF THE NOTICE DATED 08/06/2010 UNDER SECTION 13 (2) OF THE SARFAESI ACT ISSUED AGAINST THE PETITIONER. P2: COPY OF THE OBJECTION DATED 29/08/2011 FILED BY THE HUSBAND OF THE PETITIONER BEFORE THE 2ND RESPONDENT. P3: COPY OF THE LAWYER NOTICE DATED 16/08/2011 ISSUED ON BEHALF OF THE 2ND RESPONDENT. P4: COPY OF THE REPLY NOTICE DATED 29/08/2011. P5: COPY OF THE REPLY LETTER DATED 10/09/2011. P6: COPY OF THE SALE NOTICE DATED 16/09/2011. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A. TO JUDGE. svs S.SIRI JAGAN, J. ================== W.P.(C).No. 26629 of 2011 ================== Dated this the 14th 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 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 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 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 :-