IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC FRIDAY, THE 4TH APRIL 2008 / 15TH CHAITHRA 1930 WP(C).No. 10698 of 2008(W) -------------------------- PETITIONER: -------------- P.KARUNAKARAN, S/O.M.PARAMESWARA PANICKER, 'EASWARAVILASOM', KATTAKKADA ROAD, BALARAMAPURAM, THIRUVANANTHAPURAM DISTRICT. BY ADV. SRI.S.MOHAMMED AL RAFI RESPONDENTS: ----------------- 1. CHIEF MANAGER, STATE BANK OF INDIA, SARC, LMS COMPOUND, TRIVANDRUM-695 033. 2. BRANCH MANAGER, STATE BANK OF INDIA, JAWAHAR NAGAR, TRIVANDRUM. BY SRI.K.K.CHANDRAN PILLAI, SC FOR BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04/04/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. =============== W.P.(C) NO. 10698 OF 2008 W ==================== Dated this the 4th day of April, 2008 J U D G M E N T The petitioner who is facing proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 has filed this writ petition when the Bank issued notice for sale of the properties mortgaged. According to the counsel for the Bank more than Rs.50 lakhs is due from the defaulters. 2. Though contentions on the merits have been raised, all that is pressed before me is one for an instalment facility to discharge the liability. 3. I heard the standing counsel appearing for the Bank also. 4. Having regard to the submissions made, I record the submission of the counsel for the petitioner that within 15 days from today, an amount of Rs.3.5 lakhs will be remitted by the petitioner with the respondent Bank. 5. It is directed that subject to compliance with that undertaking, further proceedings will be deferred. It is directed that the balance amount due from the defaulters will be paid in eight instalments, the first of which WPC 10698/08 :2 : will be payable during the first week of May 2008 and the subsequent instalments will be paid in the first week of every succeeding month. It is clarified that in the event of default, the Bank will be free to continue the proceedings. Writ petition is disposed of as above. ANTONY DOMINIC,JUDGE. Rp