IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 17TH OCTOBER 2011 / 25TH ASWINA 1933 WP(C).No. 26388 of 2011(W) ----------------------------------------- PETITIONER(S): ------------------------ M.SUDHAKARAN, S/O.NARYANAN, AGED 43 YEARS, MALAYIL HOUSE, KAKKODI, PROPRIETOR, S.N.TRADERS,17/504/G-11, SAHARA ARCADE, NEW BUS STAND,KOZHIKODE. BY ADVS. SRI.K.M.FIROZ, SMT.M.SHAJNA. RESPONDENT(S): ----------------------------- 1. THE STATE BANK OF INDIA, RETAIL ASSETS SMALL AND MEDIUM ENTERPRISES, CITY CREDIT CENTRE, KALLAI, KOZHIKODE-673 003, REPRESENTED BY ITS CHIEF MANAGER/AUTHORISED OFFICER. 2. THE UNION OF INDIA, REPRESENTED BY THE SECRETARY (BANKING AND INSURANCE) DEPARTMENT OF ECONOMIC AFFAIRS, MINISTRY OF FINANCE, PARLIAMENT STREET, NEW DELHI-110 001. R1 BY SRI.K.K.CHANDRAN PILLAI, SENIOR ADVOCATE, BY ADV. SRI.A.S.SAJUSH PAUL. R2 BY SRI.P.PARAMESWARAN NAIR,ASG OF INDIA THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss WPC.NO.26388/2011 W APPENDIX PETITIONERS' EXHIBIT: EXHIBIT P1. A TRUE COPY OF THE POSSESSION NOTICE DATED 13.9.2011 ISSUED BY THE FIRST RESPONDENT UNDER SECTION 13 OF THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT 2002 (SARFESI ACT). RESPONDENT'S EXHIBITS: N I L /TRUE COPY/ P.A.TO JUDGE Kss S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.26388 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 17th day of October, 2011 J U D G M E N T The petitioner is aggrieved by the proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) initiated by the respondents for recovery of defaulted loan amounts. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amount in instalments. 2. This is opposed by the learned counsel for the Bank. 3. Having heard both sides, I am of opinion that the respondents can show some more leniency to the petitioner in the matter of payment of the balance amount due in instalments. Accordingly, this writ petition is disposed of with a direction to the respondents to permit the petitioner to pay off the balance amount due in 8 (eight) equal monthly instalments starting from 01.11.2011. Every subsequent W.P.(C)No.26388 of 2011 -2- instalment shall be paid on the first working day of every succeeding month. If the 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 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/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/