Asharaf P.A. Abdul Rehman and Sabitha Asharaf vs Thrissur District CO-Operative Bank, The Manager, Thrissur District and The Authorized Officer, Thrissur

S. Siri Jagan

The petitioners are aggrieved by the proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) initiated by the respondents for recovery of defaulted loan amounts. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek facility to pay off the amount in installments.

This is opposed by the learned counsel for the Bank.

Having heard both sides, I am of opinion that the respondents can show some more leniency to the petitioners in the matter of payment of the balance amount due in instalments. Accordingly, this writ petition is disposed of with a direction to the respondents to permit the petitioners to pay off the balance amount due in 10 (ten) equal monthly instalments starting from 01.02.2012. Every W.P. (C) No. 33972 of 2011 subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioners pay the installments on due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioners commit default in payment of any one of the installments, 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.