IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC WEDNESDAY, THE 19TH MARCH 2008 / 29TH PHALGUNA 1929 W.P(C).No. 9116 of 2008(I) -------------------------------- PETITIONERS: --------------- 1. SALIM.S, S/O.SANKUNNY, KOTTUKUNNEL SANTHA BHAVAN, THADIYOOR PO, THIRUVALLA. 2. SINI SALIM, W/O.SALIM.S, KOTTUKUNNEL SANTHA BHAVAN, THADIYOOR PO, THIRUVALLA. BY ADV. SRI.R.GIREESH VARMA RESPONDENTS: ----------------- 1. VIJAYA BANK, THIRUVALLA BRANCH, CROSS JUNCTION, THIRUVALLA. 2. THE AUTHORISED OFFICER, VIJAYA BANK, THIRUVALLA BRANCH, CROSS JUNCTION, THIRUVALLA. BY ADV. SRI. K. ANAND, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19/03/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. = = = = = = = = = = = = = = = = W.P.(C) No. 9116 OF 2008 I = = = = = = = = = = = = = = = = Dated this the 19th March, 2008 J U D G M E N T In this writ petition the challenge is against the proceedings initiated under the Securitsation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Going by the instructions of the Standing Counsel for the bank, the total liability is more than Rs.24 lakhs and the proceedings have reached the stage of taking possession of the mortgage properties. At this stage this writ petition is filed challenging the proceedings. 2. Taking into account the fact that the request made by the counsel for the petitioner is only for an instalment facility, I am inclined to grant the same in order to give the petitioner yet another opportunity to save his mortgaged assets from a distress sale. 3. Accordingly, I dispose of this writ petition directing that subject to remittance of an amount of Rs.10 lakhs before 31.3.2008 further proceedings initiated against the petitioner will stand W.P.(C) No. 9116 OF 2008 -2- deferred. The petitioner shall pay the balance amount due in 4 equal monthly instalments, which shall be payable before the end of April, May, June and July, 2008. It is clarified that in case the petitioner commits default in paying any one of the instalments, the bank will be free to continue the proceedings without further notice. ANTONY DOMINIC JUDGE jan/-