IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 18TH AUGUST 2011 / 27TH SRAVANA 1933 WP(C).No. 22481 of 2011(I) --------------------------------------- PETITIONER(S): ---------------------- P.P. MUHAMMED, S/O. ABOOBACKER, PUTHENPEEDIKAYIL HOUSE, VAKERI. P.O., WAYANAD DISTRICT-673 592. BY ADV. SRI.LALJI P.THOMAS RESPONDENT(S): --------------------------- 1. AUTHORIZED OFFICER, STATE BANK OF INDIA, KAINATTY BRANCH, KALPETTA NORTH, WAYANAD-686 061. 2. THE MANAGER, STATE BANK OF INDIA, KAINATTY BRANCH, KALPETTA NORTH, WAYANAD-686 061. R1 & R2 BY ADV. SRI.GEORGE THOMAS (MEVADA), SC, SBI. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/08/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: rs WP(C).No. 22481 of 2011(I) APPENDIX PETITIONER'S EXHIBITS: EXT.P1: COPY OF THE DEMAND NOTICE DATED 21/05/2010 ISSUED BY THE 1ST RESPONDENT. EXT.P2: COPY OF THE REPRESENTATION FILED BY THE PETITIONER BEFORE THE 2ND RESPONDENT DATED 11/07/2011. EXT.P3: COPY OF THE STATEMENT OF ACCOUNT. RESPONDENT'S EXHIBITS: NIL. //TRUE COPY// P.A. TO JUDGE rs S.SIRI JAGAN, J. ================== W.P.(C).No. 22481 of 2011 ================== Dated this the 18th day of August, 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 only seeks facility to pay off the amounts due in instalments. 2. This is opposed by the learned counsel for the bank. 3. Having heard both sides, I dispose of this writ petition with the following directions: The petitioner shall pay the balance amount due in ten 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, further proceedings under the Act 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. Regarding the quantum of amount to be paid, the bank shall consider the representation filed by the petitioner in that regard and pass orders thereon within two weeks from the date of receipt of a certified copy of this judgment. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge 2