IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 29TH AUGUST 2011 / 7TH BHADRA 1933 WP(C).No. 22991 of 2011(Y) -------------------------------------- PETITIONER: ------------------- M. AJAYAKUMAR, VADAKKE CHALIL HOUSE, KURUNTHODI,MANDARATHUR P.O.,PUDUPPANAM (VIA)., KOZHIKODE-673 105. BY ADVS. SRI.K.RAKESH ROSHAN, SMT.THUSHARA.V. RESPONDENT: ---------------------- AUTHORIZED OFFICER, STATE BANK OF INDIA, REGIONAL OFFICER, KOZHIKODE, 1ST FLOOR, SOUTHERN TRADE TOWER,PUSHPA JUNCTION, FRANCIS ROAD, KOZHIKODE-6730002. BY SRI.K.K.CHANDRAN PILLAI, SENIOR ADVOCATE, ADV. SRI.A.S.SAJUSH PAUL. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29/08/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C). NO.22991/2011-Y: APPENDIX PETITIONERS' EXHIBIT: EXT.P.1: COPY OF THE NOTICE DTD. 20/06/2011. RESPONDENTS' EXHIBITS: NIL. //TRUE COPY// P.A. TO JUDGE. Prv. S.SIRI JAGAN, J. ================== W.P.(C).No. 22991 of 2011 ================== Dated this the 29th day of August, 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 amount due in seven equal monthly instalments starting from 1.10.2011. 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