IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC TUESDAY, THE 18TH MARCH 2008 / 28TH PHALGUNA 1929 WP(C).No. 9168 of 2008(N) ------------------------- PETITIONERS: --------------- 1. SREEKUMARAN NAMPOOTHIRI, AGED 42 YEARS, S/O.NARAYANAN NAMPOOTHIRI, ELADIYATHU MANA, AZHIYIDATHUCHIRA P.O. THIRUVALLA - 689 113. 2. PADMA DEVI, ELAYIDATHUVILAKILE MANGALATHU MANACKAL, AZHIYIDATHUCHIRA P.O. THIRUVALLA - 689 113. BY ADV. SRI.D.SAJEEV RESPONDENTS: ----------------- 1. STATE BANK OF TRAVANCORE, REPRESENTED BY THE ZONAL MANAGER, REGION IV, ZONAL OFFICE, KOTTAYAM. 2. THE BRANCH MANAGER, STATE BANK OF TRAVANCORE, MEPRAL BRANCH, THIRUVALLA. BY ADV. SRI.SATHISH NINAN, SC, SBT THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/03/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. ----------------------------------------------- W.P.(C) No. 9168 OF 2008 ----------------------------------------------- Dated this the 18th day of March, 2008 JUDGMENT Petitioners had availed a loan from the respondent bank and default was committed in payment. Proceedings were initiated and the bank has obtained an order under Section 14 of the Act. When possession is about to be taken, this Writ Petition has been filed. It is now pointed out on behalf of the respondent bank that the dues will be more than Rs.5 lakhs and that it was on account of the chronic default that was committed; the bank has to take coercive action under the Securitisation Act. This being so, the steps taken by the bank cannot be faulted. However, having regard to the financial difficulties that were highlighted before me, I direct that the petitioner will be permitted to discharge his liability in five equal monthly installments. The first installment will be payable before the 15th of April, 2008 and the subsequent installments before 15th of every succeeding month. Subject to the payment as above, Ext.P7 is quashed and if default is committed, the bank will be free to continue the action. ANTONY DOMINIC, JUDGE ttb WPC No. 6246 OF 2008 2 WPC No. 6246 OF 2008 3