IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC MONDAY, THE 31ST MARCH 2008 / 11TH CHAITHRA 1930 WP(C).No. 3776 of 2008(Y) -------------------------------------- PETITIONERS: ---------------------- 1. A.T.PAVIZHARAJ, S/O. A.T.ANANDAN, AGED 45 YEARS, MECHANIC, RESIDING AT KRISHNAN NIVAS, KANNOOR DIST., KERALA. 2. VANNATHAN VEETTIL THEYYATHAN DASAN @ KRISHNA DAS, S/O. ANANDAN, AGED 55 YRS, BUSINESS, RESIDING AT KRISHNAN NIVAS, PARAL P.O., KODIYERI, THALASSERY, KANNUR DIST., KERALA. BY ADV. SRI.K.P.HAREENDRAN RESPONDENTS: -------------------------- 1. DHANALAKSHMI BANK LIMITED, REPRESENTED BY CHIEF MANAGER AND AUTHORIZED OFFICER UNDER SECURITIZATION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY ACT 2002,ZONAL OFFICE, THRISSUR, KERALA STATE. 2. BRANCH MANAGER, DHANALAKSHMI BANK LIMITED, THALASSERY TALUK, KANNUR DISTRICT. R1 & R2 BY ADV. SRI.P.JACOB VARGHESE,SC,DHANALAKSHI BANK THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 31/03/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss WPC.NO.3776/2008 Y APPENDIX PETITIONER'S EXHIBITS: EXT.P1: COPY OF THE RECEIPT DTD. 05/04/2000 FOR RS.1600/- ISSUED BY RESPONDENT NO.2. EXT.P2: COPY OF THE RECEIPT DTD. 05/05/2000 FOR RS.1600/- ISSUED BY RESPONDENT NO.2. EXT.P3: COPY OF THE RECEIPT DTD. 07/06/2000 FOR RS.11000/- ISSUED BY RESPONDENT NO.2. EXT.P4: COPY OF THE RECEIPT DTD. 07/06/2000 FOR RS.1600/- ISSUED BY RESPONDENT NO.2. EXT.P5: COPY OF THE RECEIPT DTD.11/07/2000 FOR RS.1172/- ISSUED BY RESPONDENT NO.2. EXT.P6: COPY OF THE RECEIPT DTD. 08/11/2000 FOR RS.3000/- ISSUED BY RESPONDENT NO.2. EXT.P7: COPY OF THE RECEIPT DTD. 09/10/2001 FOR RS.10170/- ISSUED BY RESPONDENT NO.2. EXT.P8: COPY OF THE RECEIPT DTD. 29/04/2002 FOR RS.10000/- ISSUED BY RESPONDENT NO.2. EXT.P9: COPY OF THE RECEIPT DTD. 06/01/2003 FOR RS.10170/- ISSUED BY RESPONDENT NO.2. EXT.P10: COPY OF THE EXECUTION PETITION FILED BY THE 2ND RESPONDENT AGAINST THE PETITIONERS AS EP NO.68/07. EXT.P11: COPY OF THE RECEIPT DTD. 26/07/2007 FORRS.50000/- ISSUED BY RESPONDENT NO.2. EXT.P12: COPY OF THE RECEIPT DTD. 10/08/2007 FOR RS.50000/- ISSUED BY RESPONDENT NO.2. EXT.P13: COPY OF THE RECEIPT DTD. 15/10/2007 FOR RS.50000/- ISSUED BY RESPONDENT NO.2. EXT.P14: COPY OF THE RECEIPT DTD. 12/12/2007 FOR RS.50000/- ISSUED BY RESPONDENT NO.2. EXT.P15: COPY OF THE RECEIPT DTD. 22/01/2008 FOR RS.25000/- ISSUED BY RESPONDENT NO.2. EXT.P16: COPY OF THE DEMAND NOTICE DTD. 28/02/2007 ISSUED BY RESPONDENT NO.1. /TRUE COPY/ Kss P.S.TO JUDGE ANTONY DOMINIC, J. ------------------------------------ W.P.(C) 3776 of 2008 ------------------------------------- Dated: MARCH 31, 2008 JUDGMENT In this writ petition, the challenge is against the securitization proceedings initiated by the respondent Bank. 2. Pursuant to the interim order dated 1.2.2008, petitioner is seen to have remitted 50% of the amount in two instalments as indicated therein. Now what remains is the balance 50%, for the payment of which the petitioner seeks an instalment facility. 3. I heard the learned standing counsel appearing for the Bank also. 4. Having regard to the submissions made by either side, I think reasonable opportunity should be given to the petitioner for discharing the liability. Accordingly, the petitioner is directed to pay the balance amount due from him in three equal monthly intalments, the first of which will be payable before the 25th of April, 2008 and the subsequent subsequent instalments before the 25th of WP(C) 3776/08 Page numbers May and June, 2008 respectively. It is clarified that in case of default in paying any one of the instalments, the bank will be free to continue the action it has already taken. ANTONY DOMINIC, JUDGE mt/-