IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 6TH DECEMBER 2011 / 15TH AGRAHAYANA 1933 WP(C).No. 32102 of 2011(K) ----------------------------------- PETITIONER: ------------------- JACOB JOHN, AGED 47 YEARS, S/O. JOHN K. MATHEW, VALIYAPARAMBIL VEEDU, KIZHAKKEKARA MURI, PULAMON, KOLLAM. BY ADV. SRI.SYAM J SAM RESPONDENT: --------------------- AUTHORISED OFFICER, CHIEF MANAGER, FEDERAL BANK LTD., KOTTARAKKARA, KOLLAM. ADV. SRI.A.ANTONY FOR R1 THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 06/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 32102 of 2011(K) APPENDIX PETITIONER'S EXHIBITS : EXHIBIT-P1 : TRUE COPY OF THE LETTER DATED 02/09/2011 PASSED BY THE RESPONDENT. EXHIBIT-P2 : TRUE COPY OF THE NOTICE DATQED 29/10/2011 UNDER THE SECURITISATION ACT ISSUED TO THE PETITIONER BY THE ADVOCATE COMMISSIONER. RESPONDENT'S EXHIBITS:NIL /TRUE COPY/ P.A.TO JUDGE S.SIRI JAGAN, J. ----------------------------- W.P.(c)No.32102 of 2011 -------------------------------- Dated this the 6th day of December, 2011 JUDGMENT The petitioner is challenging 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 due from the petitioner. The petitioner does not dispute the liability to pay off the quantum. The petitioner only seeks a facility to pay off the amounts in instalments. 2. This is opposed by the learned counsel for the Bank. 3. I have considered the rival contentions in detail. On 01.12.2011, I granted a stay of further proceedings on condition that the petitioner pays Rs.75,000/- before today. The petitioner submits that the petitioner has paid that amount today. If the same is correct, the respondent shall permit the petitioner to pay off the balance amount in eight equal monthly instalments starting from 02.01.2012. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the W.P.(c)No.32102 of 2011 2 petitioner pays the instalments on due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of 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 /True copy/ P.A. to judge ln