IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC FRIDAY, THE 11TH MARCH 2011 / 20TH PHALGUNA 1932 WP(C).No. 7771 of 2011(V) ------------------------- PETITIONER(S): --------------- NIDHIMON MATHEW, S/O.K.T.MATHEW, KATTIVEETTIL HOUSE, IRITTY P.O., VILAKODE, KANNUR DISTRICT. BY ADV. SRI.BABU S. NAIR RESPONDENT(S): --------------- 1. THE CHIEF MANAGER AND AUTHORIZED OFFICER UNION BANK, NODAL REGIONAL OFFICE, UNION BANK BHAVAN, M.G.ROAD, COCHIN, PIN - 682 016. 2. THE BRANCH MANAGER, UNION BANK, ALUVA BRANCH, ERNAKULAM DISTRICT, PIN - 682 101. BY SC SRI. ASP KURUP THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 11/03/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. -------------------------------------------------- W.P.(C) NO.7771 OF 2011(V) -------------------------------------------------- Dated this the 11th day of March, 2011 J U D G M E N T Petitioner availed of a cash credit from the respondent bank for business purposes. Default was committed. Proceedings under the SARFAESI Act was initiated. Now the petitioner and other co- obligants have been issued Ext.P2 notice to take possession of the assets. It is at this stage the writ petition has been filed. 2. I heard the counsel for the petitioner an also the standing counsel appearing for the respondents. Although several contentions have been raised, when the matter was taken up, the learned counsel confined his prayer for an instalment facility in order to enable the petitioner to discharge the liability. 3.Though the standing counsel appearing for the respondents objected to the prayer, still having regard to the submissions made and the bona fides expressed by the petitioner, I am inclined to think that an opportunity should be extended to the petitioner to discharge the liability. 4. Therefore, I dispose of this writ petition directing that the petitioner shall pay Rs.5 lakhs to the 2nd respondent on or before WPC.No. 7771/2011 :2 : 31.3.2011. Subject to such payment further proceedings under the SARFAESI Act against the petitioner and the other co- obligants will be deferred. The balance amount due shall be paid by the petitioner in 6 equal monthly instalments. It is directed that such payments shall be made on or before the last working day, from April, 2011 onwards. Subject to such payment, further proceedings will be deferred and in case default is committed, it will be open to the petitioner to continue proceedings for the recovery of the balance amount. Writ Petition is disposed of as above. (ANTONY DOMINIC) JUDGE vi/