IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 22ND SEPTEMBER 2011 / 31ST BHADRA 1933 WP(C).No. 25102 of 2011(K) ------------------------------------ PETITIONER(S): ----------------------- 1. V.A. DOMINIC, S/O. ABRAHAM, AGED 52, VILANGATTIL HOSUE, NAZRETH ROAD, ALUVA ERNAKULAM DISTRICT. 2. VINCY DOMINIC, W/O. DOMINIC, AGED 50, VILANGATTIL HOSUE, NAZRETH ROAD, ALUVA ERNAKULAM DISTRICT. BY ADVS. SRI.JOBY JACOB PULICKEKUDY SRI.ANIL GEORGE SRI.K.S.SUMEESH RESPONDENT(S): ------------------------- 1. THE SOUTH INDIAN BANK LIMITED REP. BY ITS MANAGER, REGIONAL OFFICE, DHARMODAYAM BUILDING, ERNAKULAM, KOCHI-31. 2. THE BRANCH MANAGER, SOUTH INDIAN BANK LIMITED BANERJI ROAD, ERNAKULAM,KOCHI-31. BY ADV.GEORGE VARGHEESE,SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/09/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: MM WPC .NO 25102 OF 2011 APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF THE LAWYER NOTICE DATED 20-1-2010 P2: COPY OF THE RESPONDENTS ALSO ISSUED A NOTICE DATED 23-10-2009 DEMANDING THE PRINCIPAL AMOUNT WITH INTEREST AND PENAL INTEREST P3: COPY OF THE POSSESSION NOTICE DATED 14-9-2011 ISSUED BY THE BANK RESPONDENT'S EXHIBITS: NIL TRUE COPY P.A. TO JUDGE MM S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.25102 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 22nd day of September, 2011 J U D G M E N T The petitioners are 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 petitioners do not dispute the liability to pay or the quantum. The petitioners only seek 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 petitioners 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 petitioners to pay off the balance amount due in 10 (ten) W.P.(C)No.25102 of 2011 -2- equal monthly instalments starting from 01.11.2011. 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 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. Sd/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/