WPC No. 954 of 2012 · Kerala High Court

S. Siri Jagan, J.=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-=W.P(C) No. 954 of 2012=-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=Dated this, the 16th day of January, 2012.J U D G M E N TThe petitioner challenges proceedings initiated by the respondents under the Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amounts in instalments and also a direction to the respondents to consider the claim of the petitioner for one time settlement. This is opposed by the counsel for the bank. Having heard both sides, I dispose of this writ petition with the following directions: The respondents shall permit the petitioner to pay off the amounts due in 10 equal monthly instalments starting from1.2.2012. 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 respondents to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. In the meanwhile, the 3rdrespondent shall consider and pass orders on Ext.P2 application for one time settlement filed by the petitioner and pass appropriate orders thereon, as expeditiously as possible, at any W.P(C) No. 954 of 2012-: 2 :-rate, within one month from today. If the 3rd respondent grants any relief on Ext.P2, the total amount payable and corresponding instalment shall be reduced accordingly. Sd/- S. Siri Jagan, Judge. Tds/