IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 5TH AUGUST 2011 / 14TH SRAVANA 1933 WP(C).No. 21338 of 2011(N) ---------------------------------- PETITIONER(S): ------------------- 1. MUHAMMED ALI, S/O.P.K.ABOOBACKER HAJI, AGED 45 YEARS, PUTHALATH HOUSE, KINALOOR P.O., VIA BALUSSERY, KOZHIKODE DISTRICT. 2. SALEENA, W/O.MUHAMMED ALI, AGED 40 YEARS, PUTHALATH HOUSE, KINALOOR P.O., VIA BALUSSERY, KOZHIKODE DISTRICT. BY ADVS. SRI.KOSHY GEORGE SMT.LATHA PRABHAKARAN SRI.K.M.JAMALUDHEEN RESPONDENT(S): --------------------- 1. KOZHIKODE DISTRICT CO-OPERATIVE BANK LIMITED, REGD. NO.F 1635, HEAD OFFICE, P.B.NO.503, CHALAPPURAM P.O., KOZHIKODE-673 002. 2. THE AUTHORIZED OFFICER, KOZHIKODE DISTRICT CO-OPERATIVE BANK LIMITED, REGD. NO.F 1635, HEAD OFFICE, P.B.NO.503, CHALAPPURAM P.O., KOZHIKODE-673 002. BY ADV. SRI.P.V.KUNHIKRISHNAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 05/08/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: svs W.P.(C). NO. 21338/2011 APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF THE PETITION IN RCP NO.18/2011 OF THE MUNSIFF COURT (RENT CONTROLLER), KOYILANDY. P2: COPY OF THE NOTICE ISSUED TO THE PETITIONER DATED 01/06/11 BY THE BANK. P3: COPY OF THE CIRCULAR NO.41/2011 ISSUED BY THE REGISTRAR OF CO-OP SOCIETIES. P4: COPY OF THE REPRESENTATION DATED 20/07/2011 SUBMITTED BY THE PETITIONER TO THE BANK. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A. TO JUDGE. svs S.SIRI JAGAN, J. ================== W.P.(C).No. 21338 of 2011 ================== Dated this the 5th day of August, 2011 J U D G M E N T The petitioners challenge 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 petitioners. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek facility to pay off the amounts due in instalments. 2. This is opposed by the learned counsel for the bank. 3. Having heard both sides, I dispose of this writ petition with the following directions; The petitioners shall pay the balance amounts 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 petitioners pay the instalments on the due dates without default, coercive proceedings for recovery of the amounts shall be kept in abeyance. However, if the petitioners commit 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