IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC THURSDAY, THE 27TH MARCH 2008 / 7TH CHAITHRA 1930 W.P(C).No. 9207 of 2008 (U) ---------------------------------- PETITIONERS: --------------- 1. M/S. PAUL LAND LANDSCAPING PVT. LTD., H.O. CHUNANGUMVELY, ERUMATHALA P.O., ALUVA-683112, REPRESENTED BY ITS MANAGING DIRECTOR. 2. POLLY ANTONY, VIII/568, KALATHIPARAMBIL, CHUNANGUMVELY, ERUMATHALA P.O.,ALUVA-683112. 3. ROSY PAUL, VIII/568, KALATHIPARAMBIL, CHUNANGUMVELY, ERUMATHALA P.O.,ALUVA-683112. BY ADV. SMT.P.F.ROSY RESPONDENT: --------------- STATE BANK OF INDIA, S.A.R.C., ERNAKULAM, REPRESENTED BY ITS CHIEF MANAGER. BY ADV. SRI.V.B.JINNAH, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27/03/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. ==================== W.P.(C) NO. 9207 OF 2008 - U ==================== Dated this the 27th day of March, 2008 J U D G M E N T Securitisation proceedings initiated against the petitioner is under challenge. Admittedly, petitioners are defaulters and the proceedings have reached the stage of Ext.P2 possession notice. In this writ petition, petitioners are not disputing the liability, but are only seeking an instalment facility to discharge the dues and to save their residential property from a distress sale. 2. On the other hand, the Bank would submit that despite the time that has been granted, petitioners did not discharge the liability. According to the Bank, the matter has already been entrusted for recovery and at this belated stage petitioners are not entitled to any indulgence. 3. However, having regard to the fact that it is the only residential property of the petitioners and they want to save it, I feel an opportunity should be granted to the petitioners so that the petitioners could make an attempt to save their properties. 4. Accordingly, I dispose of this writ petition itself directing that subject to the petitioners remitting 1/4th of the amount that is due on or WPC No.9207/08 :2 : before 15/4/2008, further proceedings pursuant to Ext.P2 will be kept in abeyance. Thereafter the balance amount due from the petitioners will be permitted to be paid in six equal monthly instalments, first of which will be payable on or before 15th of May, 2008 and the remaining installments will be paid on or before 15th of every succeeding months. It is directed that in case default is committed, the Bank will be free to continue the action that it has already initiated without further notice. ANTONY DOMINIC,JUDGE. Rp