IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC TUESDAY, THE 22ND JANUARY 2008 / 2ND MAGHA 1929 WP(C).No. 1606 of 2008(N) ------------------------- PETITIONER: -------------- SRI.P.K.KANNAN, AGED 46 YEARS, S/O.LATE PARAMESWARAN NAIR, MANAGING DIRECTOR, M/S.VIJAYA CONSTRUCTIONS, VIJAYA BHAVAN, PONKUNNAM P.O., THRISSUR. BY ADV. SRI.MATHEW ABRAHAM RESPONDENT: ---------------- THE AUTHORIZED OFFICER, STATE BANK OF TRAVANCORE, VADAKKANCHERY. BY ADV. SRI.SATHISH NINAN SRI.SANTHOSH MATHEW THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 22/01/2008, ALONG WITH WP(C) NO.2227/08, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. =============== W.P.(C) Nos. 1606 & 2227 OF 2008 ======================= Dated this the 22nd day of January, 2008 J U D G M E N T Petitioner submits that two loans were availed of by him from the respondent Bank each of Rs. 81 lakhs and 84 lakhs. It is submitted that default was committed and steps were taken by the Bank under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. It is also stated that in the meanwhile attempt was made to liquidate the liability by disposal of the assets and that also did not materialise. It is in view of all these, the only request that is made by the counsel is for time till 31st of March, 2008 for liquidating the liability. 2. Considering the efforts that have been taken by the petitioner and also the huge liability that is now fastened, I feel the request made by the petitioner is reasonable. WPC 1606 & 2227/08 :2 : 3. Therefore, I dispose of these writ petitions directing that the proceedings initiated against the petitioner will stand deferred until 31/3/2008 in order to enable the petitioner to discharge the liability by paying the entire amount due to the Bank. Needless to say that in case of default, the Bank will be at liberty to proceed against the petitioner without further notice. 4. Counsel for the petitioner submit that he be given the liberty to approach the Bank seeking reduction of the liability. I clarify that before 31/3/2008, it will be open to the petitioner to approach the Bank for any such benefit, in which case, the Bank will consider the request made and pass orders thereon. Writ petitions are disposed of as above. ANTONY DOMINIC, JUDGE. Rp