IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HON'BLE THE CHIEF JUSTICE MR.S.R.BANNURMATH & THE HONOURABLE MR. JUSTICE A.K.BASHEER FRIDAY, THE 13TH NOVEMBER 2009 / 22ND KARTHIKA 1931 WA.No. 2126 of 2009 ------------------------------------ AGAINST THE JUDGEMENT IN WPC.20042/2009 Dated 03/08/2009 .................... APPELLANT/PETITIONER ------------------------------------ K.MOHAMMED, PROP.M/S.ARFA RUBBER CATERS, COLLECTION CENTRE, PATTAMBI ROAD, CHERUPLASSERY, PALAKKAD DISTRICT. BY ADV. SRI.C.K.RAMAKRISHNAN RESPONDENTS/RESPONDENTS -------------------------------------------- 1. CHIEF MANAGER, PUNJAB NATIONAL BANK, CIRCLE OFFICE, KOZHIKODE DISTRICT. 2. AUTHORISED OFFICER, (REGIONAL MANAGER) PUNJAB NATIONAL BANK 40/146/7, MARKET ROAD, ERNAKULAM-11 BY STANDING COUNSEL SRI.C.AJITH KUMAR THIS WRIT APPEAL HAVING COME UP FOR ADMISSION ON 13/11/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.R.Bannurmath, C.J. & A.K. Basheer, J. ------------------------------------------ W.A. No.2126 of 2009 ------------------------------------------ Dated this the 13th day of November, 2009 JUDGMENT A.K. Basheer, J. The appellant who had availed of a loan from respondent No.1 Bank challenged the recovery proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 before the learned Single Judge contending, inter alia, that the whole proceeding was vitiated and that he was entitled to get the benefit of waiver of interest and such other benefits formulated by the Reserve Bank of India. 2. The learned Single Judge after considering the contentions of not only the appellant but also that of the respondents who specifically averred that the loan was availed of by the appellant for the purpose of his small scale industrial unit and not for agricultural purpose as alleged by him, disposed of the writ petition granting him instalment facility. Appellant was directed to deposit a sum of Rupees one lakh on or before September 20, 2009 followed by five subsequent equal monthly instalments to be W.A.No.2126 of 2009 - 2 - deposited on or before 20th of the succeeding months. 3. It is contended by the learned counsel for the appellant that the learned Single Judge has not considered the crucial aspect of the issue in its proper perspective. We are unable to agree. 4. Having perused the entire materials available on record and having considered the contentions raised by the parties, we do not find any illegality or irrationality in the view taken by the learned Single Judge. 5. It is brought to our notice that the appellant has already remitted the first instalment of Rupees one lakh as directed by the learned Single Judge. However, the subsequent instalment for the month of October, 2009 has not been paid. 6. Having regard to the peculiar facts and circumstances of the case, we are of the view that the time for payment of the second and the subsequent instalments can be enlarged. We are also of the view that the appellant can be granted two additional instalments to pay off the balance. In other words, the appellant shall pay off the outstanding dues in seven equal monthly instalments, first of which W.A.No.2126 of 2009 - 3 - shall be made on or before 10th of December, 2009 and the remaining six instalments on or before the instant date of the succeeding months. 7. If the appellant commits default in making payment of any one of the instalments as indicated above, it will be open to the respondents to proceed against the appellant in accordance with law. Writ appeal is disposed of in the above terms. S.R.Bannurmath, Chief Justice A.K. Basheer, Judge vns