IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC THURSDAY, THE 21ST FEBRUARY 2008 / 2ND PHALGUNA 1929 WP(C).No. 34286 of 2007(F) -------------------------- PETITIONER: ------------ K.C. MATHAI, AGED 78 YEARS, PROPRIETOR, M/S. EMBEE TRADERS,KARAYAMPARAMBU, KARUKUTTY P.O., ANGAMALY, ERNAKULAM DISTRICT, PIN-683 576. BY ADV. SRI.SUNIL V.MOHAMMED RESPONDENTS: ------------- 1. THE AUTHORISED OFFICER, REGIONAL MANAGER, PUNJAB NATIONAL BANK, REGIONAL OFFICE, 40/1461, MARKET ROAD, ERNAKULAM-682 011. 2. THE BRANCH MANAGER, PUNJAB NATIONAL BANK, ANGAMALY BRANCH, ANGAMALY. BY ADV. SRI.K.S.DILIP SRI.SAJU N.A. SRI.S.KABEER THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 21/02/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C) NO. 34286/07 APPENDIX PETITIONER'S EXHIBITS:- P1: The photostat copy of the notice dated 1-9-2007 P2: The Photo copy of the representation dated 10-9-2007 placed by the petitioner. RESPONDENTS' EXHIBITS:- R1(a): True copy of the notice to deliver possession dated 14-11-2007 R1(b): True copy of the notice to deliver possession dated 14-11-2007 Antony Dominic, J. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - W.P.(C) No. 34286 of 2007 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Dated this the 21st day of February, 2008 JUDGMENT Petitioner is a defaulter to the 2nd respondent bank. Proceedings were initiated and Ext.P1 is the notice issued under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Though the petitioner has given Ext.P2 reply, all that is sought for before me is an instalment facility to discharge the liability. Learned counsel for the respondent bank submits that the petitioner is a chronic defaulter and therefore that they had to take proceedings under the Act in order to realize their dues. 2. Irrespective of the controversy that is now prevailing between the parties, since the petitioner is only seeking an instalment facility to discharge the liability, I feel an opportunity can be given to the petitioner to avoid a distress sale of the property. 3. Taking into account the submissions made on both sides, I dispose of the writ petition with the following directions:- 1) The petitioner shall pay the amount due to the bank in eight equal monthly instalments. The first instalment shall be paid in the first week of WPC 34286/07 -2- March, 2008 and subsequent instalments shall be paid in the first week of every succeeding months. 2) In case the petitioner commits default , the respondent bank will be free to continue the action that already initiated. Writ petition is disposed of as above. Antony Dominic, Judge. mn.