IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC MONDAY, THE 25TH FEBRUARY 2008 / 6TH PHALGUNA 1929 WP(C).No. 5753 of 2008(I) ------------------------- PETITIONER: ------------ V.VIJAYAN, S/O.VELUTHAKUNJU, AGED 52, QUARTER NO.D35, MEDICAL COLLEGE POST, THIRUVANANTHAPURAM, NOW AT EZHARACHURAYIL HOUSE, KAKKAZHAM P.O., AMBALAPUZHA, ALAPUZHA-5. BY ADV. SRI.C.A.CHACKO SMT.C.M.CHARISMA SRI.N.A.SHAFEEK RESPONDENTS: ------------- THE AUTHORISED OFFICER, LIC HOUSING FINANCE LTD., 1ST FLOOR, LEELA TOWERS, KESAVADASAPURAM, THIRUVANANTHAPURAM. BY SC FOR LIC R.S.KALKURA THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25/02/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. ------------------------------------------- W.P.(C).No.5753 of 2008 ------------------------------------------- Dated this the 25th day of February, 2008 JUDGMENT Petitioner against whom proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 has been initiated, has filed this writ petition challenging the proceedings. When the case was taken up for hearing, the only prayer pressed by the counsel for the petitioner was one for an instalment facility. 2. I heard the counsel for the bank, who points out that after availing of the loan in 2004 since there was no payment from the petitioner, Bank had to initiate proceedings under the Securitisation Act. It is also stated that a cheque given by the petitioner had bounced. Therefore, the bank had initiated proceedings which has reached the stage of sale. It is pointed out that the petitioner has no bonafide in making the request for instalment facility at this belated stage. 3. It is true that the petitioner is a chronic defaulter. However, having regard to the fact that request made is for WPC5753/2008 2 instalment to pay the dues and save the property from a distress sale, I am inclined to permit the petitioner to make payment in instalments. Accordingly, I dispose of this writ petition directing that an amount of Rs.3 lakhs shall be remitted by the petitioner within ten days from today. Subject to payment as above, further proceedings against the petitioner shall stand deferred and the balance amount that is due will be paid by the petitioner in three equal monthly installments, the first instalment will be payable in the first week of April 2008 and subsequent instalments shall be paid in the first week of the succeeding months. It is directed that if the petitioner makes payment as above, the proceedings shall stand deferred and in case, any default is committed, the bank will be free to continue the action that it has initiated against the mortgaged assets. ANTONY DOMINIC, JUDGE csl