IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 1653 of 2011(F)
1. M.K.SALIM,AGED 51 YEARS,
... Petitioner
Vs
1. SOUTH INDIAN BANK LTD,REGIONAL OFFICE,
... Respondent
2. THE AUTHORISED OFFICER,SOUTH INDIAN BANK
For Petitioner :SRI.R.BINDU (SASTHAMANGALAM)
For Respondent : No Appearance
The Hon'ble MR. Justice S.SIRI JAGAN
Dated :18/01/2011
O R D E R
S. SIRI JAGAN, J.
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W.P.(C) No.1653 OF 2011
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Dated this the 18th day of January, 2011
JUDGMENT
The petitioner defaulted repayment of loan amounts due
from him to the respondent bank who has initiated proceedings
under the Securitisation and Reconstruction of Financial Assets
and Enforcement of Security Interest Act for recovery of the
same. The petitioner does not dispute the liability to pay or the
quantum. He only seeks facility to pay off the amounts in
instalments.
2. I have heard the learned Standing Counsel for the
bank, who opposes the prayers.
3. Having heard both sides, I dispose of this writ petition
with the following directions:
The petitioner shall pay an amount of Rs.3 lakhs within one
month from today. The balance amount shall be paid in six equal
monthly instalments starting from 1.4.2011. Every subsequent
instalment shall be paid on the first working day of every
W.P.(C)No.1653/11 2
succeeding month. If the petitioner complies with the above
directions promptly, further proceedings pursuant to the
impugned proceedings shall be kept in abeyance. However, if
the petitioner fails to pay either Rs.3 lakhs or any of the
subsequent 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.1653/11 3
