IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC TUESDAY, THE 19TH FEBRUARY 2008 / 30TH MAGHA 1929 WP(C).No. 5165 of 2008(M) ------------------------- PETITIONER: ------------ A.ABOOBACKER HAJI, S/O.MOIDEEN KOYA, PROPRIETOR, M/S. ZAM ZAM TRADERS, EDAKKODAN HOUSE, KAMBALAKKAD P.O., VYTHIRI TALUK, WAYANAD DISTRICT. BY ADV. SMT.CELINE JOSEPH RESPONDENT: ------------- THE CHIEF MANAGER (AUTHORISED OFFICER), STATE BANK OF TRAVANCORE, KALPETTA BRANCH, KALPETTA, WAYANAD DISTRICT. BY SC FOR SBT SRI. R.S. KALKURA THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19/02/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. -------------------------- W.P.(C)No.5165 OF 2008 ----------------------------- DATED THIS THE 19TH DAY OF FEBRUARY, 2008 J U D G M E N T Petitioner had defaulted repayment to the respondent and as a result of which the respondent had initiated proceedings before the Debt Recovery Tribunal. It is submitted by the Standing Counsel for the bank that steps were already taken for sale of the mortgaged property. But as there was no bidders, the property could not be sold. Thereafter proceedings were initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and notice has been issued. At that stage, this writ petition has been filed challenging the said proceedings. 2. The learned counsel for the petitioner submits that all that is required is to give a reasonable time to discharge the liability. On the other hand, what is submitted by the counsel for the bank is that in spite of all the proceedings referred to above, the petitioner has not made any payment and that presently about Rs.18 lakhs is due. The bank submits that they have already given the petitioner sufficient time to discharge the liability, but then the petitioner opted not to avail any of those chances. W.P.(C)No.5165/08 2 3. From the facts it is evident that the bank cannot be faulted for the action which has been initiated. But considering the request of the petitioner that he wants one more chance to liquidate the liability, I dispose of this writ petition with the following directions. 1) That within one month from today, the petitioner shall pay 1/3rd of the amount that is due to the Bank. 2) Subject to payment as above, further proceedings against the petitioner shall be deferred. 3) In case the petitioner makes payment of the amount as directed above, the petitioner will be permitted to repay the balance in six equal monthly instalments, the first instalment of which will be payable on the 15th of April 2008 and the subsequent instalments be payable on the 15th of the succeeding months. Needless to say that in case default is committed, the bank will be free to continue the proceedings which it has already initiated. ANTONY DOMINIC, JUDGE dsn