IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE K.M.JOSEPH FRIDAY, THE 15TH FEBRUARY 2008 / 26TH MAGHA 1929 WP(C).No. 25730 of 2007(K) -------------------------- PETITIONER: ------------------ S.SREEKUMAR, SAIKRISHNA, HOUSE NO.12/176-D, MORARJI CROSS ROAD, VAZHAKKALA, KAKKANAD WEST. BY ADV. SRI.D.KISHORE RESPONDENTS: ---------------------- 1. CAN FIN HOMES LTD., (SPONSORED BY CANARA BANK), T.C.28/2452, M.G.ROAD, THIRUVANANTHAPURAM REPRESENTED BY ITS MANAGER. 2. THE AUTHORISED OFFICER, CAN FIN HOMES PVT. LTD., T.C.28/2452, M.G.ROAD, THIRUVANANTHAPURAM. BY ADV. SRI.C.AJITH KUMAR THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 15/02/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WPC. 25730/2007. APPENDIX PETITIONER'S EXTS: EXT. P1 : TRUE COPY OF THE TERMS AND CONDITIONS RELATING TO THE LOAN TRANSACTION. EXT. P2 : TRUE COPY OF THE LOAN AGREEMENT DATED 19.6.2002. EXT. P3 : TRUE COPY OF THE LETTER DATED 1.3.2005 ISSUED BY THE 2ND RESPONDENT. EXT. P4 : TRUE COPY OF THE POSSESSION NOTICE DATED 13.8.2007 ISSUED BY THE 2ND RESPONDENT. EXT. P5 : PHOTO COPY OF THE PAY ORDER DATED 17.10.2007 ISSUED BY THE INDUSLAND BANK. K.M.JOSEPH, J. - - - - - - - - - - - - - - - - - - - - - - - - - WP.(C) No.25730 of 2007 - - - - - - - - - - - - - - - - - - - - - - - - - Dated this the 15th day of February, 2008 JUDGMENT Petitioner availed a loan. For realisation of which steps have been taken under the Securitisation Act. Petitioner challenges Ext.P4. 2. Heard learned counsel for the petitioner and the learned counsel for the financial institution. 3. Learned counsel for the petitioner prays for sometime to clear off the entire amount due to the first respondent. The writ petition is disposed of permitting the petitioner to clear the entire amount due to the first respondent by paying off the same in six equal monthly instalments. The first instalment shall be payable on or before 10.3.2008, and the further instalments on or before the 10th of the succeeding months. The first respondent Bank will intimate to the petitioner within a period of two weeks from the date of receipt of a copy of this judgment the total amount due and the amount to be paid as instalment under this judgment. If the petitioner continues to pay the instalments in terms of this judgment, the proceedings against the petitioner will be kept in abeyance. However, if the petitioner commits default in paying any one instalment, the petitioner will lose the benefit of this judgment and the WPC. 25730/2007. 2 respondents are at liberty to proceed against the petitioner in accordance with law. (K.M. JOSEPH, JUDGE) sb