IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC WEDNESDAY, THE 2ND APRIL 2008 / 13TH CHAITHRA 1930 W.P.(C).No. 11155 of 2008(C) ----------------------------------- PETITIONER: -------------- R. RAMESH KURUP, EAZHARATHU HOUSE, CHATHANNOOPUZHA, CHOORAKKODE, ADOOR. BY ADV. SRI.K. MADHUSOODHANAN NAIR RESPONDENTS: ----------------- 1. THE SENIOR MANAGER, CANARA BANK LTD., (A GOVT. OF INDIA UNDERTAKING), H.O.BANGALORE, ADOOR BRANCH, ADOOR. 2. AUTHORISED OFFICER, CANARA BANK, ADOOR BRANCH, ADOOR. BY ADV. SRI. P. GOPINATHAMENON, SC FOR BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/04/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. =============== W.P.(C) NO. 11155 OF 2008 C =================== Dated this the 2nd day of April, 2008 J U D G M E N T Petitioner submits that he has committed default in the matter of repayment to the 1st respondent Bank and proceedings have been initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. 2. Going by the instructions that have been received by the standing counsel appearing for the respondent Bank, the liability of the petitioner is more than Rs.2,40,000/-. In addition to this, expenses incurred by the Bank also will have to be paid by the petitioner. It is also pointed out that presently about Rs.70,000/- is the defaulted instalment. When the matter was taken up today, counsel for the petitioner seeks a facility to pay the amount and discharge the liability and thus avoid distress sale of the property. 3. I heard the counsel for the Bank also. 4. Having regard tot he submissions made by the parties, this writ petition is disposed of with the following directions. The amount in default namely Rs.70,000/- shall be paid by the WPC 11155/08 :2 : petitioner in two equal monthly instalments, the first of which will be paid before 30th of April, 2008 and the balance before 30th of May, 2008. Subject to such payment, further proceedings against the properties mortgaged by the petitioner shall be deferred. It is also directed that if the petitioner makes payment as ordered above, it will be open to the petitioner to move the 1st respondent for reviving the loan agreement and if such a representation is made, the 1st respondent shall consider and pass orders thereon. Needless to say that along with the instalments to be paid as above, it will be the petitioner's liability to pay the expenses that has been incurred by the Bank for initiating the proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ANTONY DOMINIC,JUDGE. Rp