IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC WEDNESDAY, THE 13TH FEBRUARY 2008 / 24TH MAGHA 1929 WP(C).No. 4044 of 2008(F) ------------------------- PETITIONER: ------------ JOHN RAFFI, AGED 40 YEARS, S/O. JOSEPH, KANJIRITHANIGAL HOUSE, PADOOR P.O., VENKIDANGU, THRISSUR. BY ADV. SRI.V.M.KRISHNAKUMAR SMT.P.A.ANITHA RESPONDENTS: ------------- 1. STATE BANK OF INDIA, REPRESENTED BY ITS REGIONAL MANAGER, THIRUVANANTHAPURAM. 2. BRANCH MANAGER, STATE BANK OF INDIA, VENKIDANGU BRANCH. BY S.C. MR. K.K. CHANDRAN PILLAI. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 13/02/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. = = = = = = = = = = = = = = = = W.P.(C) No. 4044 OF 2008 F = = = = = = = = = = = = = = = = Dated this the 13th February, 2008 J U D G M E N T The challenge in this writ petition is against the securitization proceedings initiated against the petitioner. 2. Standing counsel for the bank has entered appearance and submits that the petitioner was a chronic defaulter and that no repayment has been made against the two loans availed of by the petitioner. It is also stated that the bank has even obtained an order under Section 14 of the Act and possession notice was issued way back in October, 2007. 3. At this stage, the counsel for the petitioner submits that the petitioner is willing to settle the matter, but only requests that his prayer for one time settlement may be directed to be considered by the bank. Since the counsel for the bank has informed that the bank has no one time settlement scheme as such, this Court will not be justified in directing the bank to consider Ext. P3. Irrespective of this, the petitioner requests for a reasonable time till 31.3.2008 for W.P.(C) No. 4044 OF 2008 -2- settling the whole liability and I think that a chance should be given to the petitioner to save his property from a distress sale. 4. Accordingly, I direct that the bank shall within one week from today furnish the petitioner a statement of his accounts. Thereafter, before 29.2.2008, the petitioner should remit 1/3rd of the dues to the bank. Subject to such payment further action against the petitioner will be deferred. The petitioner should liquidate the entire liability before 31.3.2008. Needles to say that if the petitioner does not comply with the aforesaid conditions the bank will be free to continue action that has already been initiated. Writ petition is disposed of as above. ANTONY DOMINIC JUDGE jan/-