IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 4TH NOVEMBER 2011 / 13TH KARTHIKA 1933 WP(C).No. 29487 of 2011(I) --------------------------------- PETITIONER(S): ------------------- V.R.SREEKANTH,'SREE RAGAM', NEAR NES BLOCK,PAZHAKUTTY PO,NEDUMANGAD, THIRUVANANTHAPURAM DISTRICT. BY ADVS. SRI.BINOY VASUDEVAN SMT.P.G.BABITHA RESPONDENT(S): -------------------- 1. THE STATE BANK OF TRAVANCORE, NEDUMANGAD BRANCH,NEDUMANGAD PO, THIRUVANANTHAPURAM 695 541,REPRESENTED BY ITS MANAGER. 2. THE AUTHORIZED OFFICER(CHIEF MANAGER), STATE BANK OF TRAVANCORE, NEDUMANGAD PO, THIRUVANANTHAPURAM 695 541. BY ADV. SRI. R.S. KALKURA, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: svs W.P.(C). NO. 29487/2011 APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF THE NOTICE UNDER SECTION 13(2) OF THE SARFAESI ACT DATED 18/11/2010 ISSUED BY THE RESPONDENTS. P2: COPY OF THE STATEMENT OF ACCOUNTS ISSUED BY THE RESPONDENTS. P3: COPY OF THE POSSESSION NOTICE ISSUED UNDER RULE 8(1) OF THE SECURITY INTEREST (ENFORCEMENT RULES) 2002. P4: COPY OF THE PETITION PREFERRED BY THE RESPONDENTS RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A. TO JUDGE. svs S.SIRI JAGAN, J. ================== W.P.(C).No. 29487 of 2011 ================== Dated this the 4th day of November, 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 respondents 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 amounts due in ten equal monthly instalments starting from 1.12.2011. 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 respondents 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