IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 25TH OCTOBER 2011 / 3RD KARTHIKA 1933 WP(C).No. 27524 of 2011(M) --------------------------------------- PETITIONER(S): ---------------------- 1. O.P.ABDUL SALAM, PROPRIETOR, M/S.TRIVENI HOME APPLIANCES, NEAR BUS STAND CHEMMAD. 2. SHAKKEELA E., W/O.O.P.ABDUL SALAM, PROPRIETRIX, M/S.TRIVENI HOME APPLIANCES (AGENCIES), NEAR BUS STAND CHEMMAD. BY ADV. SRI.R.K.MURALEEDHARAN RESPONDENT(S): ------------------------- THE CHIEF MANAGER, (AUTHORIZED OFFICER) STATE BANK OF TRAVANCORE, TIRURANGADI, MALAPPURAM-676306. BY ADVS. SRI.T.SETHUMADHAVAN SRI.PUSHPARAJAN KODOTH SRI.K.JAYESH MOHANKUMAR THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: AV WPC.NO.27524/2011 APPENDIX PETITIONER'S EXHIBITS : P1 : COPY OF THE NOTICE UNDER SECTION 13 (2) DATED 11-01-2010 ISSUED BY THE RESPONDENT. P2 : COPY OF THE NOTICE DATED 10-08-2011 ISSUED BY THE RESPONDENT. RESPONDENT'S EXHIBITS : NIL /TRUE COPY/ P.A. TO JUDGE AV S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 27524 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 25th day of October, 2011. J U D G M E N T Petitioners have taken 3 loans from the respondent-bank. The petitioners defaulted repayment of instalments of loan. The respondent initiated proceedings under the Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, which is under challenge in this writ petition. The petitioners seek facility to regularise the loan accounts in two loans and time to pay in the 3rd loan. This is opposed by the counsel for the bank. He points out that the bank themselves had earlier permitted the petitioners to regularise the loan account after a default, despite which the petitioners again defaulted payments and therefore the petitioners should not be given another opportunity for regularisation. Counsel also points out that in the 3rd loan, the petitioners themselves promised to pay off the amounts by the end of November and now they are seeking instalment facility in that loan also, which cannot be permitted. 2. I have considered the rival contentions in detail. 3. I am of opinion that the respondent can show some more leniency in the matter of allowing the petitioners to pay off the amounts in instalments. Accordingly, I direct the respondent to permit the petitioners to pay off the balance amounts due in all the three loans in 12 equal monthly instalments starting from 1.12.2011. If the petitioners pay the instalments on the due dates without default, further coercive recovery proceedings W.P(C) No. 27524 of 2011 -: 2 :- shall be kept in abeyance. However, if the petitioners commit default in paying any one instalment, 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/- S. Siri Jagan, Judge. Tds/