IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 14TH JULY 2011 / 23RD ASHADHA 1933 WP(C).No. 16793 of 2011(Y) -------------------------------------- PETITIONER: ------------------- K.S. SAJAN, AGED 51 YEARS, CHITHRAM, MUTTACADU, VENGANOOR, TRIVANDRUM. BY ADVS. SRI.R.SUNIL KUMAR, SMT.A.SALINI LAL. RESPONDENTS: ------------------------ 1. THE AUTHORISED OFFICER, STATE BANK OF INDIA, MANACADU BRANCH, CHALA.P.O, TRIVANDRUM, PIN – 695 033. 2. THE BRANCH MANAGER, STATE BANK OF INDIA, MANACADU BRANCH, CHALA.P.O, TRIVANDRUM, PIN - 695 033. R1 & R2 BY SRI. P.V. SURENDRANATH, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 14/07/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C). NO.16793/2011-Y: APPENDIX PETITIONERS' EXHIBITS: EXT.P.1: COPY OF THE O.T.S NOTICE DTD. 05/05/10. EXT.P.2: COPY OF THE RECEIPTS DTD. 02/06/10. EXT.P.3: COPY OF THE LETTER ISSUED BY THE RESPONDENT DTD. 31/03/11. EXT.P.3: SALE NOTICE PUBLISHED IN MATHRUBHUMI DAILY DTD. 08/06/2011. RESPONDENTS' EXHIBITS: NIL. //TRUE COPY// P.A. TO JUDGE. Prv. S.SIRI JAGAN, J. ================== W.P.(C).No. 16793 of 2011 ================== Dated this the 14th 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 respondents 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. 3. On 22.6.2011, this Court passed the following interim order: “SC seeks time to get instructions. Meanwhile, the sale proclaimed under Ext.P4 shall be deferred if the petitioner makes payment of a sum of Rs. 5,00,000/- on or before 11.7.2011. Post on 14.7.11.” The learned counsel for the petitioner submits that the interim order has been complied with. 4. Taking lenient view, I dispose of this writ petition with an following directions; The petitioner shall pay the balance amount due in eight equal monthly instalments starting from 1.9.2011. Every subsequent instalment shall be paid on the first working day of every succeeding w.p.c.16793/11 2 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