IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC THURSDAY, THE 6TH MARCH 2008 / 16TH PHALGUNA 1929 W.P.(C).No. 6743 of 2008(C) ---------------------------------- PETITIONER: -------------- SHRI. P.A.MAKKAR METHER PAYYIL PUTHEN VEETTIL, PERUMBAIKAD P.O. KOTTAYAM. BY ADV. SRI.LIJI.J.VADAKEDOM RESPONDENTS: ----------------- 1. PUNJAB NATIONAL BANK REGIONAL CPGP TOWERS, UPPALAM ROAD, STATUE THIRUVANANTHAPURAM, REPRESENTED BY ITS SENIOR GENERAL MANAGER. 2. PUNJAB NATIONAL BANK, KOTTAYAM BRANCH T.B. ROAD, KOTTAYAM. 3. AUTHORISED OFFICER (UNDER THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT 2002) (SENIOR REGIONAL MANAGER) PUNJAB NATIONAL BANK-REGIONAL OFFICE, CPGP TOWERS UPPALAM ROAD, STATUE, THIRUVANANTHAPURAM. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/03/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. =============== W.P.(C) NO. 6743 OF 2008 C ==================== Dated this the 6th day of March, 2008 J U D G M E N T In this writ petition, petitioner submits that he was a surety to a loan availed of by a third party. But however, following the default committed by the principal debtor and as he had absconded, proceedings were initiated against the petitioner under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act. The matter has reached the stage of sale, which is now scheduled to take place on the 19th of this month. It is at that stage, this writ petition has been filed. 2. Despite several contentions that are raised in the pleadings, counsel only makes a request for giving an opportunity for settling the debt by instalments. Apart from this, it is also prayed that the Bank be directed to give the petitioner the benefit of One Time Settlement Scheme that is now in vogue. WPC 6743/08 :2 : 3. I heard the counsel for the Bank also, who points out that the petitioner has not made any application for the benefit of One Time Settlement. In such a situation, this court will not be justified in directing consideration of the petitioner's case for any such benefit. 4. Having regard to the submissions made by the petitioner and the counsel for the Bank, I dispose of this writ petition with the following directions. 5. That the amount that is now due, shall be paid by the petitioner in six equal monthly instalments, first of which will be payable before 28/3/2008 and the subsequent instalments will be payable before 28th of every succeeding month. I also clarify that in the meanwhile, it will be open to the petitioner to approach the respondents for the benefit of One Time Settlement Scheme and in the event they give any deduction, the liability of the petitioner and the instalment amount payable will be rescheduled in terms WPC 6743/08 :3 : of such decision of the Bank. It is clarified that subject to payment as above, further proceedings pursuant to Ext.P4 will stand deferred and in case the petitioner commits default in paying any one of the instalments, Bank will be free to continue the action that it has already initiated. Writ petition is disposed of as above. ANTONY DOMINIC,JUDGE. Rp