IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC THURSDAY, THE 6TH MARCH 2008 / 16TH PHALGUNA 1929 W.P.(C).No. 6413 of 2008(L) --------------------------------- PETITIONER: -------------- BOBAN ANTONY, AISTHA JEWELLERS, VIKAS BUILDING, LINK ROAD, CALICUT DISTRICT. BY ADV. SMT.K.V.RESHMI RESPONDENTS: ----------------- 1. UNION BANK OF INDIA, REPRESENTED BY ITS CHIEF MANAGER, CALICUT MAIN BRANCH, CHEROOTTY ROAD, CALICUT. 2. THE CHIEF MANAGER, UNION BANK OF INDIA, CALICUT MAIN BRANCH, CHEROOTTY ROAD, CALICUT. BY ADV. SRI.A.S.P.KURUP, SC, UBI THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/03/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. =============== W.P.(C) NO. 6413 OF 2008 L ==================== Dated this the 6th day of March, 2008 J U D G M E N T In this writ petition, the challenge is against Ext.P3 notice issued by the Bank under Section 13 (2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act. The liability is more than Rs.5.56 lakhs and all that is prayed is for an instalment facility. 2. I heard the counsel for the Bank also. 3. Having regard to the submission made by both sides, this writ petition is disposed of with the following directions. That before 28/3/2008, petitioner shall pay Rs.1.5 lakhs to the Bank and subject to such payment, further proceedings pursuant to Ext.P3 will stand stayed. Thereafter the balance due will be paid by the petitioner in four equal monthly instalments, the first of which will be payable before the end of April 2008 and subsequent WPC 6413/08 :2 : instalments will be paid before the end of every succeeding month. It is clarified that in case the petitioner commits default in paying any one of the instalments, the Bank will be free to continue the action it has already initiated. ANTONY DOMINIC,JUDGE. Rp