IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 22ND NOVEMBER 2011 / 1ST AGRAHAYANA 1933 WP(C).No. 31015 of 2011(B) -------------------------- PETITIONER : ---------- P.A.ANTU, AGED 43 YEARS, S/O.ANTHAPPAN, PROPRIETOR, M/S.CHILLU ENTERPRISES, PANIKKAVEEDU, THUNDATHUMKADAVU, VARAPUZHA, ERNAKULAM BY ADV. SRI.P.V.GEORGE(PUTHIYIDAM) RESPONDENTS: ------------ 1. STATE BANK OF INDIA, REP.BY BRANCH MANAGER, CHERAI BRANCH, CHRAI P.O., ERNAKULAM-683511 2. AUTHORISED OFFICER AND CHIEF MANAGER, STATE BANK OF INDIA, STRESSED ASSETS RECOVERY BRANCH, 40/974, 2ND FLOOR, R.S BUILDING, M.G.ROAD,ERNAKULAM KOCHI-682011 BY ADV. P.V. SURENDRANATH, SC FOR SBI. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: dlk WP(C).No. 31015 of 2011(B) APPENDIX PETITIONER'S EXHIBITS EXT.P1:- PHOTOCOPY OF THE NOTICE DATED 22/12/2010 ISSUED UNDER SECTION 13(4)OF THE NOTICE. EXT.P2:- PHOTOCOPY OF THE SALE NOTICE DATED 7/10/2011 ISSUED BY 2ND RESPONDENT. RESPONDENTS' EXHIBITS : NIL //TRUE COPY// P.A. TO JUDGE dlk S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.31015 of 2011 ---------------------------------------------- Dated this the 22nd day of November, 2011 JUDGMENT In this writ petition, the petitioner is challenging proceedings initiated by the respondents under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act for recovery of loan amounts due from the petitioner to the respondents. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amounts due in three equal monthly instalments starting from 15.12.2011. 2. This is opposed by the learned counsel for the respondents on the ground that the petitioner has already approached the Debts Recovery Tribunal by filing an application under Section 17 of the Act, in which he could not obtain any interim orders. 3. I have considered the rival contentions in detail. I am of opinion that insofar as the petitioner does not now dispute the W.P.(C)No.31015/11 2 liability to pay or the quantum, filing of the application under Section 17 of the Act before the Debts Recovery Tribunal need not stand in the way of permitting the petitioner to pay the amounts in instalments. Accordingly, this writ petition is disposed of with a direction to the respondents to permit the petitioner to pay off the amounts due in three equal monthly instalments starting from 15.12.2011. Subsequent instalments shall be paid on the first working day after 14th of January 2012 and February 2012. 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. S. SIRI JAGAN, JUDGE acd W.P.(C)No.31015/11 3 W.P.(C)No.31015/11 4