IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 21ST JULY 2011 / 30TH ASHADHA 1933 WP(C).No. 19712 of 2011(L) --------------------------------------- PETITIONER(S): ------------------------ V.S.PRIYAN, 42 YEARS, S/O.SIVARAMAN, VAZHAKATTU VELI, KADAKARAPALLY P.O., CHERTALA, ALAPPUZHA DISTRICT. BY ADV. SRI.A.F.SEBASTIAN RESPONDENT(S): --------------------------- STATE BANK OF INDIA REPRESENTED BY THE AUTHORISED OFFICER, REGIONAL BUSINESS OFFICE, BEACH ROAD, ALAPPUZHA. BY ADV.SRI.N.RAJAGOPALAN NAIR,SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sts WP(C)NO.19712/2011 APPENDIX PETITIONER'S EXHIBITS: P1 COPY OF THE DISABILITY CERTIFICATE OF THE PETITIONER'S DAUGHTER. P2 COPY OF THE DEMAND NOTICE ISSUED BY THE RESPONDENT. P3 COPY OF THE POSSESSION NOTICE ISSUED BY THE RESPONDENT. P4 COPY OF THE RELEVANT PAGES OF THE MASTER CIRCULAR PRUDENTIAL NORMS ON INCOME RECOGNITION..... ISSUED BY THE RESERVE BANK OF INDIA. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A.TO.JUDGE sts S.SIRI JAGAN, J. ================== W.P.(C).No. 19712 of 2011 ================== Dated this the 21st day of July, 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 the 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. 4. Having heard both sides, I dispose of this writ petition with the following directions: The petitioner shall pay the balance amount due in ten equal monthly instalments starting from 1.9.2011. 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, coercive proceedings for recovery of the amounts 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 2