IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC WEDNESDAY, THE 27TH FEBRUARY 2008 / 8TH PHALGUNA 1929 WP(C).No. 4365 of 2008(T) ------------------------- PETITIONER: ------------ M/S.SPICE VALLEY PALACE, MADAPPATTU, THALANADU P.O., REPRESENTED BY ITS MANAGING PARTNER, RANJIT KRISHNA. BY ADV. SRI.SURIN GEORGE IPE RESPONDENTS: ------------- CORPORATION BANK, KOTTAYAM BRANCH, VALAYIL BUILDING, SHASTRI ROAD, P.B.NO.118, KOTTAYAM - 686 001, REPRESENTED BY ITS MANAGER. BY ADV. SRI.S.B.PREMACHANDRA PRABHU THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27/02/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. ------------------------------------ W.P.(C) 4365 of 2008 ------------------------------------- Dated: February 27, 2008 JUDGMENT In this writ petition, although challenge has been raised to the proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, the present grievance of the petitioner appears to be regarding Ext.P7 series by which demand has been made by the bank for remittance of the amount indicated therein. 2. Although the petitioner has a case that in view Ext.P7, sec.13(2) notice is unsustainable and that the subsidy amount payable under Ext.P8 will wipe out their liability for the present, I do not think that I should decide the issues in this proceedings atleast at this stage. The petitioner does not dispute the liability indicated in Ext.P7 series, but only prays for an instalment facility to discharge the liability. 3. I heard the learned counsel for the bank who opposes the request of the petitioner for instalment facility. 4. Having regard to the fact that the petitioner is a WP(C) 4365/08 Page numbers commercial establishment, the running of which will be affected if coercive action is permitted to be taken, I think the ends of justice will be met if the petitioner be given a breathing time to liquidate the liability. 5. Accordingly, I dispose of this writ petition directing that the petitioner shall pay the amount due under Ext.P7 series in three equal monthly instalments. The first instalment will be paid on or before 31st March, 2008 and the subsequent instalments will be payable on or before 30th of April 2008 and 31st of May 2008. Subject to payment as above, all further action taken against the petitioner shall be deferred and in case default is committed, the bank is free to continue the action it has already taken. 6. The petitioner has a complaint that he needs an up-to-date statement. This request is justified and the bank shall provide the statement of accounts within two weeks from the date of production of a copy of this judgment. Writ petition is disposed of as above. ANTONY DOMINIC, JUDGE mt/-