IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC TUESDAY, THE 19TH FEBRUARY 2008 / 30TH MAGHA 1929 WP(C).No. 5732 of 2008(G) ------------------------- PETITIONER: --------------- ABDUL HASSAN, AGED 52 YEARS, S/O. MEERAN PILLAI, PROPRIETOR, ASSLAM TRADERS, VADAKKEVILA, BALARAMAPURAM, THIRUVANANTHAPURAM. BY ADV. SRI.K.M.FIROZ RESPONDENTS: ----------------- 1. THE AUTHORISED OFFICER, CHIEF MANAGER (ADVANCES),STATE BANK OF TRABVANCORE REGION II, ZONAL OFFICE, SANTHINAGAR, THIRUVANANTHAPURAM-695 501. 2. THE STAE BANK OF TRAVANCORE, BALARAMAPURAM,S.K.TOWERS,THIRUVANANTHAPURAM-6955O1 3. THE UNION OF INDIA, REPRESENTED BY THE SECRETARY (BANKING & INSURANCE) DEPARTMENT OF ECONOMIC AFFAIRS, MINISTRY OF FINANCE, PARLIAMENT STREET, NEW DELHI-110 001. BY ADV. SRI.M.PATHROSE MATTHAI (SR.) SRI.SAJI VARGHESE, SC FOR BANK SRI.P.PARAMESWARAN NAIR, ASG THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19/02/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. =============== W.P.(C) NO. 5732 OF 2008 G ==================== Dated this the 19th day of February, 2008 J U D G M E N T Petitioner against whom proceedings have been initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act has filed this writ petition challenging the proceedings which have reached the stage of dispossession on the strength of an order passed under Section 14 of the Act. Though several contentions have been raised in the writ petition, learned counsel only seeks an instalment facility to discharge the liability within a reasonable time. 2. I heard the learned standing counsel for the Bank, who points out that there are two loans availed of by the petitioner, one a housing loan and other a cash credit facility. It is pointed out by the Bank that as far as the housing loan is concerned, the defaulted amount itself comes to Rs. 2 lakhs and the petitioner WPC 5732/08 :2 : should clear the defaulted amount within the shortest possible time. It is also suggested that the default towards the cash credit facility enjoyed by the petitioner should be cleared, if not in one lump, atleast in instalments. This suggestion made by the counsel for the Bank is very fair and is acceptable to the petitioner. 3. Having regard to the aforesaid submissions made by both sides, I dispose of this writ petition with the following directions. 1) That the amount in default towards the housing loan availed of by the petitioner should be cleared by the petitioner within one month from today. 2) Once remittance is made as above, Bank will permit the petitioner to pay the balance in instalments as originally agreed in the loan agreement. 3) In so far as the cash credit facility availed of by the petitioner is concerned, arrears should be cleared by the petitioner in 12 equal monthly instalments, first of which will be payable on the 15th of March, 2008 and the subsequent WPC 5732/08 :3 : instalments will be payable on the 15th of every succeeding month. 4) Subject to payment as above, the proceedings initiated against the petitioner will be deferred and in case the petitioner commits default, the Bank will be free to continue the action that it has already initiated, without further notice. ANTONY DOMINIC,JUDGE. Rp