IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC WEDNESDAY, THE 20TH FEBRUARY 2008 / 1ST PHALGUNA 1929 WP(C).No. 5983 of 2008(K) ------------------------- PETITIONER: ------------ BIJOY, S/O.VAREED, AGED 29 YEARS, VADAKKUMPURAM HOUSE, KORATTY, THRISSUR. BY ADV. SRI.RENJITH THAMPAN SMT.P.A.ANITHA RESPONDENTS: ------------- 1. THE AUTHORISED OFFICER, STATE BANK OF INDIA, CHALAKUDY BRANCH. 2. STATE BANK OF INDIA, CHALAKUDY BRANCH, CHALAKUDY, REPRESENTED BY MANAGER. BY STANDING COUNSEL SRI K.K.CHANDRAN PILLAI THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 20/02/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. ------------------------------------ W.P.(C) 5983 of 2008 ------------------------------------- Dated: February 20, 2008 JUDGMENT The petitioner against whom proceedings have been initiated under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, has approached this court challenging the whole proceedings when it has reached the sale of the property, which is scheduled to take place today at 3 p.m. 2. Apart from the submission made by the learned counsel regarding the possible incorrectness of the liability quantified, the petitioner is not disputing the liability as such. As far as the request of the counsel for the petitioner for regularising the account concerned, it is countered by the learned counsel for the bank on the ground that once an account is classified as NPA, it may not be possible to regularise the account. However, the bank does not object to an instalment facility being granted to the petitioner for enabling him to discharge the liability that is due. 3. Having regard to the submissions by both sides, I dispose WP(C) 5983/08 Page numbers of this writ petition with the following directions:- Within one week from today, the bank shall furnish a statement of account to the petitioner indicating the entire liability to be discharged by the petitioner. Once the statement of account is received, the petitioner shall make payment of Rs.40,000/- before 31.3.2008. Subject to such payment, all further proceedings will stand deferred. The balance outstanding will be paid by the petitioner in eight equal monthly instalments commencing from 30.4.2008 and the subsequent instalments will be payable on or before the 30th of every succeeding month. Irrespective of the direction granted as above, petitioner is free to pursue his request with the bank for regularising the account. 4. It is clarified that in case default is committed, the bank will be free to continue the action it has already initiated. Writ petition is disposed of as above. ANTONY DOMINIC, JUDGE mt/-