IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC THURSDAY, THE 31ST JANUARY 2008 / 11TH MAGHA 1929 WP(C).No. 1385 of 2008(M) ------------------------- PETITIONER: --------------- V.SASIDHARAN PILLAI, AGED 50, S/O. VASUDEVAN PILLAI, INDEEVARAM HOUSE, NRA.31, MARKET ROAD, ATTINGAL P.O., THIRUVANANTHAPURAM DISTRICT. BY ADV. SRI.P.JACOB VARGHESE SRI.VARUGHESE M EASO SRI.VIVEK VARGHESE P.J. SMT.NISHA JOHN SRI.K.B.ARUN SRI.P.J.VINOD JOSEPH SMT.NITHARA GAYATRI RESPONDENT: ---------------- THE CHIEF MANAGER, (*)STATE BANK OF TRAVANCORE, KALLAMBALAM BRANCH, THIRUVANANTHAPURAM DISTRICT. (*)(THE NAME OF THE RESPONDENT IS CORRECTED AS STATE BANK OF TRAVANCORE INSTEAD OF STATE BANK OF INDIA AS PER ORDER IN IA 735/08 DATED 31/1/2008.) BY ADV. SRI.M.PATHROSE MATHAI (SR.) SRI.SAJI VARGHESE THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 31/01/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. =============== W.P.(C) NO. 1385 OF 2008 M ===================== Dated this the 31st day of January, 2008 J U D G M E N T Proceedings were initiated against the petitioner under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Although the petitioner has raised several contentions on the validity of the action that has been initiated, when the matter was taken up today, the counsel for the petitioner confined his prayer to the grant of an instalment facility to discharge the liability. 2. I heard the counsel for the respondent Bank also. 3. Having regard to the submissions made by both sides, I dispose of this writ petition directing that the amount outstanding from the petitioner will be paid in six equal monthly instalments. The first instalment will be payable in the first week of March, 2008 and the subsequent instalments will be payable in WPC 1385/08 :2 : the first week of every succeeding month. Subject to payment as above, further proceedings against the mortgaged properties will stand deferred. In case the petitioner commits default in paying any one of the instalments, Bank will be free to continue the action that it has already initiated, without notice. ANTONY DOMINIC, JUDGE. Rp