IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC MONDAY, THE 17TH MARCH 2008 / 27TH PHALGUNA 1929 W.P(C).No. 8386 of 2008(W) --------------------------------- PETITIONERS: --------------- 1. PALANATTIL CONSTRUCTION COMPANY, REVIEW BUILDING, KURISSADI JUNCTION, NALANCHIRA P.O., THIRUVANANTHAPURAM REPRESENTED BY ITS MANAGING PARTNER, RAJAN M.KURIEN. 2. RAJAN M.KURIEN, S/O.KURIEN, AGED 68, RESIDING AT MAMPILAVIL HOUSE, PONGAMOODU, MEDICAL COLLEGE P.O. THIRUVANANTHAPURAM. BY ADV. SRI.M.RAMASWAMY PILLAI SRI.P.M.JOSEPH RESPONDENTS: ----------------- 1. THE FEDERAL BANK LIMITED, REGISTERED OFFICE, ALUVA. 2. THE REGIONAL MANAGER, FEDERAL BANK LIMITED, RAIBAN SHOPPING COMPLEX, WEST OF MEDICAL COLLEGE JUNCTION, ALAPPUZHA. 3. THE FEDERAL BANK LIMITED, REPRESENTED BY ITS BRANCH MANAGER, KAYAMKULAM. BY ADV. SRI. MOHAN JACOB, SC FOR BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17/03/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. = = = = = = = = = = = = = = = W.P.(C) No. 8386 OF 2008 - W = = = = = = = = = = = = = = = Dated this the 17th March, 2008 J U D G M E N T In this writ petition proceedings initiated against the petitioner under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 is under challenge. It is seen that the present liability of the petitioner is more than Rs.94 lakhs. Even according to the petitioner, the notice under Section 13 (4) has been issued and possession has been taken over. Aggrieved by this, the writ petition has been filed. Counsel for the petitioner only pleads that the petitioner may be permitted to discharge the liability in instalments. 2. I heard the counsel for the bank also. 3. Having regard to the submissions made by both sides I dispose of this writ petition directing that the petitioner will be permitted to pay the entire amount in 4 equal monthly instalments. Towards the first instalment, the petitioner shall pay Rs.20 lakhs before 31.3.2008 and the balance instalments will be payable in 3 W.P.(C) No. 8386 OF 2008 - 2 - equal monthly instalments, on or before the last working day of every succeeding month. 4. Subject to payment as above, further proceedings pursuant to Ext. P10 shall be deferred and in case any default is committed the bank will be free to continue the proceedings without further notice to the petitioner. Needless to say, this shall be without prejudice to the petitioner's entitlement to pursue his request for one time settlement. ANTONY DOMINIC JUDGE jan/-