IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 28TH JULY 2011 / 6TH SRAVANA 1933 WP(C).No. 5916 of 2011(L) -------------------------------- PETITIONER(S): ------------------- D.SAJI KUMAR, AGED 48, S/O.DAMODARAN, PARTNER, M/S.HOTEL BLUE SEA NEELAKANTA BHAVAN, KOVALAM, THIRUVANANTHAPURAM. BY ADV. SRI.THIRUMALA P.K.MANI RESPONDENT(S): --------------------- 1. THE CHIEF MANAGER & AUTHORIZED OFFICER, THE KARNATAKA BANK LTD., ASSET RECOVERY MANAGEMENT BRANCH # 105, 111 FLOOR, MOHAN MANSON, KASTURBA ROAD, BANGALORE-56001. 2. THE MANAGER, KARNATAKA BANK LTD., THIRUVANANTHAPURAM - 695 527. * ADDL. R3 IMPLEADED 3. D. SABU, S./O.DAMODARAN, AGED 46 YEARS, PARTNER, M/S. HOTEL BLUE SEA, NEELAKANTAN BHAVAN, KOVALAM, THIRUVANANTHAPURAM. * IS IMPLEADED AS PER ORDER DATED 04/07/2011 IN I.A. NO.10624/2011. R1-2 BY ADVS. SRI.P.B.SURESH KUMAR SRI.LEO GEORGE THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 28/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: svs W.P.(C). NO. 5916/2011 APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF THE MEMORANDUM OF UNDERSTANDING ENTERED BETWEEN THE PARTNERS OF THE HOTEL BLUE SEA AND THE 2ND RESPONDENT BANK. P2: COPY OF NOTICE ISSUED BY RESPONDENT UNDER SECTION 13 (2) OF THE SARFESSI ACT. P3: COPY OF THE LETTER ISSUED BY THE RESPONDENT. P4: COPYOF THE CAVEAT PETITION BEFORE THE DRT ERNAKULAM. P5: COPY OF THE PETITION DEED DATED 04/10/2010. P6: COPY OF THE POSSESSION NOTICE DATED 12/07/2011 ISSUED UNDER SECTION 13 (4) OF SARFAESI ACT. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A. TO JUDGE. svs S.SIRI JAGAN, J. ================== W.P.(C).No. 5916 of 2011 ================== Dated this the 28th 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 respondents 1 and 2 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. Taking a lenient view, I dispose of this writ petition with the following directions; The petitioner shall pay the balance amounts 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 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. Interlocutory application stands closed. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge