IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC THURSDAY, THE 19TH JUNE 2008 / 29TH JYAISHTA 1930 W.P(C).No. 17497 of 2008(G) ---------------------------------- CMP.596/2008 of C.J.M.,TRIVANDRUM .............................................................. PETITIONER: -------------- S.RAJESH, AGED 30 YEARS, S/O SAIMON, RR BHAVAN MUNDAVANKUNNU, NEYYARADAM P.O., THIRUVANANTHAPURAM. BY ADV. SRI.D.SAJEEV RESPONDENTS: ----------------- 1. STATE BANK OF TRAVANCORE, REPRESENTED BY THE AUTHORIZED OFFICER, CHIEF MANAGER (ADVANCES), ZONAL OFFICE, THIRUVANANTHAPURAM. 2. THE BRANCH MANAGER, STATE BANK OF TRAVANCORE, POOVACHAL BRANCH, THIRUVANANTHAPURAM. BY ADV. SRI. R.S. KALKURA, SC FOR SBT THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19/06/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. =============== W.P.(C) NO. 17497 OF 2008 G ==================== Dated this the 19th day of June, 2008 J U D G M E N T When the matter came up for orders, parties agree that the case can be disposed of and on that basis, I heard the counsel for the petitioner and the Standing Counsel for the Respondents. 2. Petitioner is a defaulter to the 2nd respondent Bank and is facing proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. It appears that the Bank has obtained an order under Section 14 of the Act and the possession of the mortgaged properties, is about to be taken over. It is at that stage the writ petition has been filed. 3. Though several contentions have been pleaded in the petition, all that is sought by the counsel for the petitioner is for an instalment facility in order to enable the petitioner to liquidate the liability. 4. Having heard both sides, I feel an instalment facility should be granted to the petitioner to avoid take over of the mortgaged property and a distress sale. 5. Accordingly, the writ petition will stand disposed of directing WPC 17497/08 :2 : that subject to payment of Rs.1 lakh (Rupees One lakh only) within 3 weeks from today, all further proceedings against the petitioner pursuant to Ext.P1 will stand adjourned. It is directed that the balance amount that is due to the Bank will be paid by the petitioner in three equal monthly instalments, the first of which will be payable on or before 7th of August, 2008 and the subsequent instalments on or before 7th of September and 7th October, 2008. It is clarified that in the event the petitioner commits default in paying as above, the Bank will be free to continue the proceedings, without further notice to the petitioner. ANTONY DOMINIC,JUDGE. Rp