IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 8TH AUGUST 2011 / 17TH SRAVANA 1933 WP(C).No. 20271 of 2011(H) -------------------------- PETITIONERS: --------------------- 1. MATHEW E.P., EDAYATHU HOUSE, KUNNOTH KILIANTHARA P.O., IRITTY, KANNUR DIST. PIN - 670 706. 2. SMT.GLADIS MATHEW, W/O.MATHEW, EDAYATHU HOUSE, KUNNOTH KILIANTHORE P.O., IRITTY, KANNUR DIST. BY ADVS. SRI.PULIKKOOL ABUBACKER SMT.P.A.ANEESHA RESPONDENT(S): --------------- 1. MANAGER, PONNANI BRANCH OF THE FEDERAL BANK LTD PONNANI PIN - 679 577. 2. CHIEF MANAGER & AUTHORIZED OFFICER, THE FEDERAL BANK LTD MISSION QUARTERS, THRISSUR - 680 001. BY STANDING COUNSEL SRI.GEORGE VARGHES FOR R1 & 2 SMT.LIZA P.CHERIAN FOR R1 & 2 THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 08/08/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ln WP(C).No. 20271 of 2011(H) APPENDIX PETITIONERS EXHIBITS: EXHIBIT P1 : TRUE COPY OF THE STATEMENT GIVEN BY THE BANK EXHIBIT P2 : THE TRUE COPY OF THE RECEIPT EXHIBIT P2(a) : THE TRUE COPY OF THE RECEIPT EXHIBIT P2(b): THE TRUE COPY OF THE RECEIPT EXHIBIT P2(c): THE TRUE COPY OF THE RECEIPT EXHIBIT P2(d): THE TRUE COPY OF THE RECEIPT EXHIBIT P2(e): THE TRUE COPY OF THE RECEIPT EXHIBIT P2(f): THE TRUE COPY OF THE RECEIPT EXHIBIT P2(g): THE TRUE COPY OF THE RECEIPT EXHIBIT P2(h): THE TRUE COPY OF THE RECEIPT EXHIBIT P2(i): THE TRUE COPY OF THE RECEIPT EXHIBIT P2(j): THE TRUE COPY OF THE RECEIPT EXHIBIT P2(k): THE TRUE COPY OF THE RECEIPT EXHIBIT P2(l): THE TRUE COPY OF THE RECEIPT EXHIBIT P3 : THE TRUE COPY OF THE NOTICE DATED 04.07.2011 EXHIBIT P4 : THE TRUE COPY OF THE NOTICE ISSUED BY FEDERAL FEDERAL BANK 04.07.2011 /TRUE COPY/ P.A. TO JUDGE S.SIRI JAGAN, J. ---------------------------- W.P.(c) No. 20271 of 2011 --------------------------------- Dated this the 8th day of August, 2011 JUDGMENT Petitioners challenge 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 due from the petitioners. The petitioners do not dispute the liability to pay off the quantum. Petitioners seek only facility to pay off the amounts due in instalments. This is opposed by the counsel for the Bank. However, taking a lenient view, I dispose of this Writ Petition with the following direction. 2. The respondent shall permit the petitioners to pay off the balance amounts due in 20 equal monthly instalments starting from 01.09.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioners pay the instalments on due dates without default, further proceedings under the Act shall be kept in abeyance. W.P.(c) No. 20271 of 2011 2 However, if the petitioners commit default in payment of any one instalment, it would be open to the respondents to continue the proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. The Writ Petition is disposed of as above. S.SIRI JAGAN,JUDGE ln