IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC THURSDAY, THE 28TH FEBRUARY 2008 / 9TH PHALGUNA 1929 WP(C).No. 6824 of 2008(K) ------------------------- PETITIONER: --------------- P.SANTHOSH KUMAR, CHALUNDATHU THEKKATHIL EVOOR SOUTH, KEERIKKAD, ALAPPUZHA. BY ADV. SMT.S.MUMTAZ RESPONDENT: ---------------- LIC, HOUSING FINANCE LTD., REPRESENTED BY THE AREA MANAGER, III FLOOR, CHITTOOR TOWERS, BAKERY JUNCTION, PALAYAM, THIRUVANANTHAPURAM. BY SRI.R.S.KALKURA, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 28/02/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. =============== W.P.(C) NO. 6824 OF 2008 K ==================== Dated this the 28th day of February, 2008 J U D G M E N T Petitioner against whom proceedings have been initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act has approached this court challenging the proceedings. 2. Admittedly, the petitioner is a defaulter and even before me the liability is not disputed. If that be so, respondent cannot be faulted for the action that they have taken. 3. Petitioner requests that he be permitted to pay the amount in four instalments. Though this prayer made by the learned counsel for the petitioner is vehemently opposed by the respondent pointing out that the account in question was classified as NPA on 20/6/06 and that the proceedings initiated have reached the stage of sale which is now scheduled to 5/3/2008, I still feel that if the petitioner wants to save the WPC 6824/08 :2 : property from a distress sale, an opportunity should not be denied. 4. Accordingly, I direct that petitioner shall pay the amount in four equal monthly instalments. The 1st instalment will be payable on 4/3/2008 and the subsequent instalments shall be paid on the 4th of every succeeding month. It is clarified that in case of default, the respondent will be free to continue the action it has already initiated. It is directed that before 2nd of March, 2008, the respondent shall furnish a statement of account to the petitioner in order to enable the petitioner to commence payment as already directed. Writ petition is disposed of as above. ANTONY DOMINIC,JUDGE. Rp