IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC TUESDAY, THE 4TH MARCH 2008 / 14TH PHALGUNA 1929 W.P(C).No. 5544 of 2008(I) -------------------------------- PETITIONER: -------------- T.N.RAJESH, VISALA BHAVA P.D.ROAD, PALLURUTHY,KOCHI-682 006. BY ADV. SRI.BABU CHERUKARA SRI.BABY P. ANTONY RESPONDENTS: ----------------- 1. CHIEF MANAGER, (AUTHORISED OFFICER) STATE BANK OF INDIA STRESSED ASSETS RESOLUTION CENTRE ERNAKULAM PIN 682 011. 2. STATE OF KERALA, REPRESENTED BY THE SECRETARY TO FINANCE DEPARTMENT, SECRETARIAT, TRIVANDRUM. BY ADV. SRI. K.K. CHANDRAN PILLAI, SC FOR SBI GOVT. PLEADER, SRI. I.V. PRAMOD THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04/03/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. = = = = = = = = = = = = = = = = W.P.(C) No. 5544 OF 2008 I = = = = = = = = = = = = = = = = Dated this the 4th March, 2008 J U D G M E N T In this writ petition Ext. P2 notice issued under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, against the petitioner who had defaulted in the matter of repayment of the housing loan availed of from the respondent bank is under challenge. The liability or the default is not in dispute and all that is sought for is six months to liquidate the liability. On the other hand, the bank points out that as on 31.10.2007 the total outstanding liability of the petitioner was Rs.11,60,389/-. The bank would therefore say that the petitioner should pay the amount before 31.3.2008. However, having regard to the fact that this is a housing loan and taking into account the statement of the petitioner that it would be beyond his means to repay, I feel, ends of justice requires that the petitioner shall be permitted to liquidate the liability in the manner W.P.(C) No. 5544 OF 2008 -2- as indicated above. Petitioner shall pay 1/4th of the amount that is due before 31.3.2008. Subject to payment as above, further proceedings pursuant to Ext. P2 will stand deferred. The balance amount due from the petitioner will be paid by the petitioner in 5 equal monthly instalments the first of which will be payable in the 1st week of May, 2008 and the subsequent instalments will be payable in the 1st week of every succeeding month. If the petitioner commits default in paying any one of the instalments as above, the bank will be free to continue the action that it has already initiated. Writ petition is disposed of as above. ANTONY DOMINIC JUDGE jan/-