IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC TUESDAY, THE 18TH MARCH 2008 / 28TH PHALGUNA 1929 W.P(C).No. 7693 of 2008(N) -------------------------------- PETITIONER: -------------- VINOD.V., S/O.LATE M.G.PRABHAKARAN NAIR, AGED 42 YEARS, VALIYAVEETTIL HOUSE, GEETHA NIVAS, KATHIKUDOM P.O., KORATTY. BY ADV. SRI.BIJU ABRAHAM RESPONDENTS: ----------------- 1. STATE BANK OF TRAVANCORE, REPRESENTED BY ITS CHIEF MANAGER (ADVANCES), REGIONAL OFFICE, THRISSUR DIST. 2. THE BRANCH MANAGER, STATE BANK OF TRAVANCORE, PUNNAMBARAMBU BRANCH, THRISSUR. BY ADV. SRI.M.PATHROSE MATTHAI (SR.) SRI.SAJI VARGHESE 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. 7693 OF 2008 N ==================== Dated this the 18th day of March, 2008 J U D G M E N T In this writ petition, the challenge has been raised against the proceedings initiated by the Bank under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act and the proceedings have reached the stage that the Bank has published possession notice, which is produced as Ext.P9. According to the counsel for the petitioner, after proceedings were initiated, petitioner had instructed the Bank to appropriate an amount of Rs.2.5 lakhs available in a deposit and still later, petitioner had paid an amount of Rs.3 lakhs. It is stated that when the liability has been quantified, amounts paid have not been given credit fully. 2. Bank has filed a statement, in which it is stated that the total amount paid by the petitioner has been given credit and that after giving credit to all payments, liability as on 29/2/2008 is Rs.9,38,498/-. 3. In view of the positive assertion made by the Bank that payments made have been given credit, I have no reason to think that the said averment is incorrect. That apart, I also notice that by Ext.R1(b) dated 8/1/2008, petitioner himself without disputing the quantification WPC 7693/08 :2 : made by the Bank had undertaken to discharge the liabilities before 30/1/2008. In these circumstances, I do not find any substance in the dispute now raised by the petitioner regarding the quantification of his liability. 4. At this stage, counsel for the petitioner seeks time for payment of the amount due and I heard the learned senior counsel appearing for the Bank also. 5. Having regard to the submissions made, I direct that the petitioner shall be permitted to discharge the liability by paying the entire amount in three equal monthly instalments, the first of which shall be paid on or before 31/3/2008. Subject to such payment, further proceedings shall be deferred. The subsequent two instalments will be paid by the petitioner before 30th of April and 30th of May, 2008. 6. It is clarified that in case the petitioner commits default in paying the instalments as above, the Bank will be free to continue the action that it has already initiated without further notice to the petitioner. Writ petition is disposed of as above. ANTONY DOMINIC,JUDGE. Rp