IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC WEDNESDAY, THE 9TH JANUARY 2008 / 19TH POUSHA 1929 WP(C).No. 1045 of 2008(Y) ------------------------- PETITIONER: ------------ SREEKANTAN NAIR, AGED 56, PROPRIETOR, M/S. KRISHNA HANDLOOMS, "USHUS", POOVATHUR, MANCHAVILAKOM, KOLLAYIL VILLAGE, NEYYATTINKARA. BY ADV. SRI.R.GIREESH VARMA RESPONDENTS: ------------- 1. STATE BANK OF TRAVANCORE REGION-II, ZONAL OFFICE, THIRUVANANTHAPURAM, REPRESENTED BY ITS CHIEF MANAGER (ADVANCES). 2. THE AUTHORISED OFFICER, STATE BANK OF TRAVANCORE REGION-II, ZONAL OFFICE, THIRUVANANTHAPURAM. BY STANDING COUNSEL SRI SAJI VARGHESE THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 09/01/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. ------------------------------------ W.P.(C) 1045 of 2008 ------------------------------------- Dated: January 9, 2008 JUDGMENT Petitioner who had availed of a loan from the respondent bank is facing proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. It would appear that the proceedings are at the stage of taking actual possession of the secured asset. Actual possession is proposed to be taken on 14.1.2008 on the strength of an order passed by the Chief Judicial Magistrate under section 14 of the said Act. 2. Though several contentions are raised by the petitioner on merits of the action taken by the bank, I am not impressed by any one of them. At the last stage counsel for the petitioner confines his prayer to the grant of an instalment facility so that he can pay off the liability and avoid forcible dispossession from the property. 3. I heard the standing counsel of the bank in this regard. 4. Having regard to the submissions made on both sides, I dispose of the writ petition directing that within two weeks from WP(C)1045/2008 Page numbers today, if the petitioner makes payment of Rs.One lakh to the respondent bank, further proceedings pursuant to Ext.P2 will stand deferred. The balance amount that is due will also be paid by the petitioner in five equal monthly instalments. The first instalment will be payable on the 15th of February, 2008 and the subsequent instalments will be payable on the 15th of every succeeding month. Subject to payment as above, further proceedings will stand deferred. If default is committed in paying any one of the instalments, the bank will be free to continue the action already initiated. Writ petition is disposed of as above. ANTONY DOMINIC, JUDGE mt/-