IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC WEDNESDAY, THE 21ST MAY 2008 / 31ST VAISAKHA 1930 WP(C).No. 14636 of 2008(P) -------------------------- PETITIONER: ------------ GOPALAKRISHNAN.R,PROPRIETOR, M/S.G.K.N.ICE CREAM,NEAR RAILWAY STATION, PAARASSAL.P.O.,THIRUVANANTHAPURAM. BY ADV. SRI.G.SUDHEER RESPONDENTS: ------------- THE AUTHORISED OFFICER CHIEF MANAGER (ADVANCES) STATE BANK OF TRAVANCORE REGION-11,ZONAL OFFICE, THIRUVANANTHAPURAM. BY ADV. SRI.M.PATHROSE MATTHAI (SR.) FOR SBT - STANDING COUNSEL, SRI.SAJI VARGHESE THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21/05/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ W.P.(C) No. 14636 of 2008-P ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ Dated this the 21st day of May, 2008 J U D G M E N T The challenge in this writ petition is against Ext.P4, an order passed by the Chief Judicial Magistrate exercising power under the Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. 2. When the matter came up for admission, arguments were not raised on merits. But, the learned counsel for the petitioner confined his submissions for a direction to stay all further proceedings pursuant to Ext.P4 under Section 14 of the SARFAESI Act and allow the petitioner to discharge the dues in instalments. 3. Having heard both sides, I am inclined to grant instalment facility in order to avoid recovery proceedings against the property of the petitioner and to save the same by paying the amount due. 4. Accordingly, I direct that if the petitioner pays the amount due in four equal instalments, first of which will be paid on or before 31/05/2008, all further proceedings pursuant to Ext.P4 W.P.(C).No.14636/2008-P -: 2 :- order under Section 14 of the SARFAESI Act shall be deferred. It is further directed that the remaining three instalments will be paid by the petitioner without default on the 30th of the succeeding months, i.e., June, July and August, 2008. It is clarified that if there is default in making payment of any instalment, the respondent will be free to continue with the recovery proceedings without further notice to the petitioner. Writ petition is disposed of as above. ANTONY DOMINIC, Judge ms