IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 2ND NOVEMBER 2011 / 11TH KARTHIKA 1933 WP(C).No. 30402 of 2010(A) -------------------------------- PETITIONER: -------------- SURENDRAN NAIR.S, VELLANCHERYMALAYIL KUTTOOR P.O, THIRUVALLA. BY ADV. SRI.R.SANTHOSH BABU RESPONDENTS: ----------------- 1. THE FEDERAL BANK LTD, REP BY ITS CHAIRMAN AND MANAGING DIRECTOR REGISTERED OFFICE, ALUVA, PIN – 683 101. 2. THE AUTHORISED OFFICER/ ASSISTANT GENERAL MANAGER, FEDERAL BANK LTD, REGIONAL OFFICE, PATHANAMTHITTA – 689 645. 3. THE BRANCH MANAGER THE FEDERAL BANK LTD,AZHIYADATHUCHIRA BRANCH AZHIYADATHUCHIRA PO, THIRUVALLA – 689 113. 4. SMT. RADHMANIYAMMA, W/O.SIVAPRASA K.S KANNATTUPUTHENPURAYIL ,PRASANTH BHAVAN, AZHIYADATHUCHIRA PO, THIRUVALLA – 689 113. 5. K.S.SIVA PRASAD OF DO..DO... BY ADV. SRI.GEORGE VARGHESE (MANACHIRACKEL) FOR R1 TO R3 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No.30402/2010 A P P E N D I X PETITIONER'S EXHIBITS: EXT. P1 : COPY OF NOTICE DTD. 5.7.10 ISSUED BY R2. EXT. P2 : COPY OF STATEMENT OF ACCOUNTS. EXT. P3 : COPY OF REPRESENTATION DTD. 16.9.10. RESPONDENT'S EXHIBITS: NIL. // True Copy // P.A. to Judge. smp S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.30402 OF 2010 ---------------------------------------------- Dated this the 2nd day of November, 2011 JUDGMENT The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by respondents 1 to 3 for recovery of loan amounts due from respondents 4 and 5 for repayment of which the petitioner was a guarantor. The petitioner now seeks only facility to pay off the amounts in instalments. On 6.10.2010, this Court granted a conditional stay directing the petitioner to remit an amount of Rs.40,000/-. It is submitted that the said amount has been paid. 2. I have heard the learned counsel for the bank also. 3. Having heard both sides, I dispose of this writ petition with the following directions: The petitioner shall pay off the amounts due in five equal monthly instalments starting from 7.11.2011. Every subsequent instalment shall be paid on the 1st working day after 6th of every W.P.(C)No.30402/10 2 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 respondents 1 to 3 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.30402/10 3