IN THE HIGH COURT OF KERALA AT ERNAKULAM 

The Hon'ble MR. Justice S.SIRI JAGAN 

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W.P(C) No. 23690 of 2011 (I)

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Dated this, the 1st day of September, 2011

1. KRISHNAKUMAR S.MENON,

... Petitioner

Vs

1. THE UNION BANK OF INDIA

... Respondent

For Petitioner :SMT.E.V.MOLY

For Respondent : No Appearance

J U D G M E N T

The petitioner is a defaulter in repayment of loan amounts due to the respondent. The respondent has initiated proceedings under the Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for recovery of the same, which is under challenge in this writ petition. However, the petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amounts in instalments. This is opposed by the counsel for the bank.

However, taking a lenient view, I dispose of this writ petition with a direction to the respondent to permit the petitioner to pay off the amounts due in 12 equal monthly instalments starting from 1.10.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the instalment amounts on due dates without default, proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of any one instalment, it would be open to the respondent to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard.

Sd/- S. Siri Jagan, Judge.

Tds/