IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC WEDNESDAY, THE 6TH FEBRUARY 2008 / 17TH MAGHA 1929 WP(C).No. 3540 of 2008(U) ------------------------- PETITIONER: ------------ S. SURENDRAN, MAHALAKSHMI, NEAR PANCHAYAT STADIUM,VALIYARATHALA, NARUVAMOODU P.O., THIRUVANANTHAPURAM. BY ADV. SRI.M.RAMESH CHANDER RESPONDENTS: ------------- 1. STATE BANK OF TRAVANCORE, REGION II, ZONAL OFFICE, TRIVANDRUM,REPRESENTED BY ITS ZONAL MANAGER. 2. THE AUTHORISED OFFICER, CHIEF MANAGER (ADVANCES) SBT REGION II, ZONAL OFFICE, TRIVANDRUM. BY ADV. SRI.M.PATHROSE MATTHAI (SR.) SRI.SAJI VARGHESE THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/02/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. ------------------------------------ W.P.(C) 3540 of 2008 ------------------------------------- Dated: February 6, 2008 JUDGMENT Petitioner had availed of a loan from the 1st respondent bank. Following the default committed by the petitioner in repaying the loan amount, the bank initiated proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and according to the bank, it has obtained an order from the C.J.M., Thiruvananthapuram under sec.14 of the said Act. It is at that stage that the writ petition has been filed challenging the proceedings. 2. The learned counsel appearing for the bank would contend that though the petitioner availed of a loan of Rs.3.5 lakhs in 2003, he had paid only 10 instalments and committed default in paying the balance instalments. According to the bank, as at present about Rs.5.34 lakhs is due from the petitioner. 3. Although the petitioner has raised several contentions on the sustainability of the action initiated by the bank, having regard WP(C) 3540/08 Page numbers to the fact that the petitioner is at default, the bank cannot be faulted with the action it has taken. At that stage learned counsel for the petitioner requests for an instalment facility to discharge the liability that is due to the bank. 4. On this request I heard the learned counsel for the bank also. 5. Having regard to the submissions made by both sides, I dispose of this writ petition directing that the petitioner shall pay the amount that is remaining outstanding to the bank in 10 equal monthly instalments. The first instalment will be paid in the 1st week of March, 2008 and the subsequent instalments in the first week of every succeeding month. Subject to payment as above, the coercive action taken against the petitioner will stand deferred and if the petitioner commits default in paying any one of the instalments, the bank will be free to continue the action it has already taken. ANTONY DOMINIC, JUDGE WP(C) 3540/08 Page numbers mt/-