IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 17TH NOVEMBER 2011 / 26TH KARTHIKA 1933 WP(C).No. 29580 of 2011(V) -------- -------------------------- PETITIONER(S): ---------------------- K.M.SALAHUDHEEN,AGED 62, S/O.MYTHEIN KUNJU,KALLIDUKKIL VEEDU, KATTAKKAL,DAIVAPURA PO, THIRUVANANTHAPURAM 695 563 BY ADVS. SRI.E.M.MURUGAN SRI.P.R.PRATEESH RESPONDENT(S): -------------------------- 1. THE MANAGER, STATE BANK OF TRAVANCORE, PALODE BRANCH,PALODE, THIRUVANANTHAPURAM 695 562 2. THE ASSISTANT GENERAL MANAGER (AUTHORISED OFFICER), STATE BANK OF TRAVANCORE, REGION III,ZONAL OFFICE,K.S.H.B BUILDING, SANTHI NAGAR,THIRUVANANTHAPURAM 695 001 BY ADV.SRI.R.S.KULKURA,SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: STU WP(C).No. 29580 of 2011(V) APPENDIX PETITIONER(S) EXHIBITS : EXT.P1 TRUE PHOTOCOPY OF THE REQUEST LETTER SENT BY THE PETITIONER DATED 18.04.2011 EXT.P2 TRUE PHOTOCOPY OF LETTER DATED 14.06.2011 SENT BY THE PETITIONER TO THE 1ST RESPONDENT. EXT.P3 TRUE PHOTOCOPY OF REPRESENTATION DATED 19.07.2011 SENT TO THE MD EXT.P4 THE TRUE PHOTOCOPY OF REPLY DATED 27.07.2011 FROM THE HEAD OFFICE OF THE BANK EXT.P5 THE TRUE PHOTOCOPY OF THE PROPOSAL DATED 17.08.2011 GIVEN TO THE 1ST RESPONDENT EXT.P6 THE TRUE PHOTOCOPY OF NOTICE ISSUED BY THE 1ST RESPONDENT UNDER SECTION 13(2) EXT.P7 THE TRUE PHOTOCOPY OF REPLY SENT BY THE PETITIONER DATED 02.09.2011 EXT.P8 THE TRUE PHOTOCOPY OF THE REPLY SENT BY THE 2ND RESPONDENT DATED 07.09.2011 RESPONDENTS' EXHIBITS : NIL //TRUE COPY// P.A TO JUDGE. STU S.SIRI JAGAN, J. ================== W.P.(C).No. 29580 of 2011 ================== Dated this the 17th 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 the amount. The petitioner submits that the petitioner was earlier offered a settlement by paying ` 5 lakhs and the respondents have retracted from that settlement. 2. The learned Standing Counsel for the bank opposes the same. He denies that there is any such agreement. In view of the same, the learned counsel for the petitioner seeks a direction to the respondents to permit the petitioner to pay off the loan amounts in instalments. 3. In the facts and circumstances of the case, 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 1.1.2012. 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. w.p.c.29580/11 - : 2 :- 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