IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 4TH JULY 2011 / 13TH ASHADHA 1933 WP(C).No. 17268 of 2011(G) -------------------------- PETITIONERS: --------------- 1. R.MURALI, M M HOUSE, UMA NAGAR(NAROLI), PIRAYIRI, KONDUNTHIRAPPULLY, PALAKKAD - 4. 2. VAIJAYANTHI, M M HOUSE, UMA NAGAR(NAROLI), PIRAYIRI, KONDUNTHIRAPPULLY, PALAKKAD - 4. BY ADV. SRI.K..I.MAYANKUTTY MATHER SRI.R.JAIKRISHNA RESPONDENTS: --------------- 1. UNION BANK OF INDIA, REPRESENTED BY ITS BRANCH MANAGER NRI BRANCH, TERADUPUZHA BUILDING IST FLOOR, R.S.ROAD, PALAKKAD - 678001. 2. CHIEF MANAGER & AUTHORIZED OFFICER, UNION BANK OF INDIA, NRI BRANCH, TERADUPUZHA BUILDING IST FLOOR, R.S.ROAD, PALAKKAD - 678001. SRI.A.S.P.KURUP, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 17268 of 2011(G) APPENDIX -------------- PETITIONER'S EXHIBITS ---------------------------------- P1:- TRUE COPY OF THE NOTICE ISSUED TO THE PETITIONERS BY THE BANK P2:- TRUE COPY OF THE NOTICE ISSUED BY THE 1ST RESPONDENT TO THE PETITIONERS UNDER SECTION 13(2) SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECUIRTY INTEREST ACT,2002 P3:- TRUE COPY OF THE DEMAND DRAFT. RESPPONDENT'S EXHIBITS :- NIL //TRUE COPY// PA TO JUDGE. S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.17268 OF 2011 ---------------------------------------------- Dated this the 4th day of July, 2011 JUDGMENT The petitioners challenge proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the 1st respondent bank for non-payment of loan amounts taken by the petitioners from the 1st respondent bank. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek facility to pay off the amounts in instalments. 2. This is opposed by the learned Standing Counsel for the bank. However, taking a lenient view, I dispose of this writ petition with a direction to the respondents to permit the petitioners to pay off the balance amount due in six equal monthly instalments starting from 1.8.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioners pay the instalments on due dates without default, further proceedings under the Act shall be W.P.(C)No.17268/11 2 kept in abeyance. However, if the petitioners commit 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. S. SIRI JAGAN, JUDGE acd W.P.(C)No.17268/11 3