IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC THURSDAY, THE 24TH JANUARY 2008 / 4TH MAGHA 1929 W.P.(C).No. 1788 of 2008(K) ---------------------------------- PETITIONER: -------------- SHRI.MOHAMMED ALI THARAL, S/O.IBRAHIM, ALMAS, OPPOSITE EDAKKAD POLICE STATION, P.O. MUZHAPPILANGAD. BY ADV. SMT.REENA ABRAHAM RESPONDENTS: ----------------- 1. UNION BANK OF INDIA, REPRESENTED BY ITS SENIOR MANAGER, WESCO BUILDING, CHOVVA, CANNORE-670 006. 2. AUTHORISED OFFICER, UNION BANK OF INDIA WESCO BUILDING, CHOVVA, CANNORE-670 006. 3. KHALEEL T.K., S/O.ABDULLA, SOOPPY HOUSE, ACHARATH ROAD, P.O.TEMPLEGATE, THALASSERY. BY ADV. SRI.A.S.P.KURUP, SC, UBI THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 24/01/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. = = = = = = = = = = = = = = = = W.P.(C) No. 1788 OF 2008 K = = = = = = = = = = = = = = = = Dated this the 24th January, 2008 J U D G M E N T Petitioner submits that along with the 3rd respondent, as a co- borrower he had availed of a loan from the 1st respondent bank. Default was committed and proceedings under the provisions of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 was initiated. Presently, the bank has published Ext. P6, sale notice and it is at that stage this writ petition has been filed. 2. Though the counsel for the petitioner only seeks a reasonable time for discharging the liability, learned counsel for the bank points out that, as is evident from the documents produced by the petitioner himself, there has not been any payment after 2.12.2006. According to the bank, it was only on account of the continued default committed by the petitioner that the bank had to W.P.(C) No. 1788 OF 2008 -2- take coercive action. 3. In view of the admitted fact that there has been default committed, the bank cannot be faulted for the steps it has taken. Therefore, the petitioner cannot successfully challenge the proceedings initiated. 4. Be that as it may, now that the counsel for the petitioner only seeks reasonable opportunity for discharging the liability, I am inclined to dispose of this writ petition giving yet another opportunity to the petitioner to save the property from a distress sale. Therefore, I pass the following order: That within one month from today, the petitioner shall deposit 1/3rd of the amount that is due. Subject to such remittance, the further proceedings pursuant to Ext. P6 will stand deferred. Thereafter, the balance amount due will be paid by the petitioner in four equal monthly instalments. The first instalment will be payable on or before 5th March, 2008. The subsequent instalments will also be payable on or before 5th of every succeeding month. In case the petitioner commits default in paying any one of the instalments, the bank will be free to continue the action which has already been initiated, without any further notice. W.P.(C) No. 1788 OF 2008 -3- Yet another request that is made by the petitioner is for directing the bank to furnish an up-to-date statement of account to enable the petitioner to commence payment. This appears to be reasonable and the bank shall, within two weeks from today, furnish an up-to-date statement of account to the petitioner. Writ petition is disposed of as above. ANTONY DOMINIC JUDGE jan/-