IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC MONDAY, THE 1ST SEPTEMBER 2008 / 10TH BHADRA 1930 WP(C).No. 26216 of 2008(U) --------------------------------------- PETITIONER: ------------------- SAJI P.CHACKO,AGED 32 YEARS, S/O CHACKO, RESIDNG AT PALLITHAZHE HOUSE, ANICADU WEST P.O., KOTTAYAM DISTRICT. BY ADV. SRI.M.V.THAMBAN, ADV. SRI.R.REJI, ADV. SRI.B.BIPIN. RESPONDENT: ---------------------- STATE BANK OF TRAVANCORE, C.M.S. COLLEGE BRANCH, KOTTAYAM, REPRESENTED BY ITS CHIEF MANAGER (PERSONAL), AND AUTHORIZED OFFICER, STATE BANK OF TRAVANCORE, ZONAL OFFICE, KOTTAYAM. BY ADV. SRI. SAJI VARGHESE, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01/09/2008,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: prv. ANTONY DOMINIC, J ----------------------------------------------------------- W.P.(C).No.26216/2008 ----------------------------------------------------------- Dated this the 1st day of September, 2008 JUDGMENT Challenge in this writ petition is against the proceedings under the Securitisation and Reconstruction of financial Assets and Enforcement of Security Interests Act initiated by the respondent Bank, on account of the default committed by the petitioner. In the proceedings, the bank has already obtained an order from the Chief Judicial Magistrate, exercising powers under Section 14 of the Act and I have been informed by both sides that the possession of the property is scheduled to be taken over this afternoon. 2. On instruction, the counsel for the Bank submits that Rs.4.5 lakhs is due from the petitioner and that the proceedings were initiated in 2006 and therefore if the petitioner was desirous of discharging the liability he could WP(c).No.26216/2008 2 have done it. 3. Though in the writ petition several contentions have been raised, seeking to invalidate the proceedings, counsel for the petitioner is now confining his request only for an instalment facility. On this request, I heard the counsel for the Bank also. 4. Having regard to the submissions made by both sides, I dispose of this writ petition with the following directions. On or before 30.9.2008, the petitioner shall pay an amount of Rs.2 lakhs to the Bank. Subject to such payment, proceedings initiated against the petitioner and the secured assets will be deferred by the bank. The balance due will be paid in 4 equal monthly instalments, the first of which shall be paid by the petitioner on or before 30th October, 2008 and subsequent instalments will be paid on or before 30th of every succeeding month. It is clarified that if the petitioner commits default in paying any one of the instalment, the WP(c).No.26216/2008 3 Bank will be free to continue the proceedings already initiated, without further notice. Writ Petition is disposed of as above. ANTONY DOMINIC JUDGE vi. WP(c).No.26216/2008 4