IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC FRIDAY, THE 4TH APRIL 2008 / 15TH CHAITHRA 1930 WP(C).No. 35818 of 2007(L) -------------------------- PETITIONER: ------------ SAMSU.T.B., S/O.BHASKARATHANDAR, AGED 36, USHA NILAYAM, THIRUMALABHAGAM PO, CHERTHALA. BY ADV. SRI.G.KRISHNAKUMAR RESPONDENTS: ------------- 1. STATE BANK OF INDIA, ADB BRANCH, ALAPPUZHA, REPRESENTED BY ITS MANAGER. 2. AUTHORIZED OFFICER, STATE BANK OF INDIA, ADB BRANCH, ALAPPUZHA, REPRESENTED BY ITS MANAGER. BY ADV. SRI.K.K.CHANDRAN PILLAI THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04/04/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. = = = = = = = = = = = = = = W.P.(C) No. 35818 OF 2007 - L = = = = = = = = = = = = = = Dated this the 4th April, 2008. J U D G M E N T Petitioner had availed of a loan for purchasing a truck. It is stated that default was committed and the bank had instituted a suit as O.S. No. 338/07 before the Sub Court, Alappuzha. During the pendency of the suit the bank simultaneously initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. 2. From the pleadings it is seen that the matter has reached the stage for the bank to take possession of the vehicle which is the primary security. 3. Though several contentions have been taken by the writ petitioner in the writ petition, the only request now made is one for enabling the petitioner to make an application to the bank for settlement of the liability. The learned counsel for the bank submits that if such a request is made by the petitioner the same will be considered on their own scheme, provided the petitioner also makes a satisfactory payment. W.P.(C) No. 35818/07 - 2 - 4. Taking into account the submission made by both sides, the writ petition is disposed of with the following directions: That before 30th April, 2008, the petitioner will remit Rs.1,50,000/- with the respondent bank. Subject to payment as above, further proceedings pursuant to Ext. P4 will stand deferred in respect of the petitioner. Once payment is made as above, it will be open to the petitioner to make a representation to the bank for settlement of the liability and if received, shall be considered and orders passed within one month thereafter. It is directed that the liability so communicated will be discharged by the petitioner in 4 equal monthly instalments, the first of which will be payable from the 1st week of July, 2008 and the subsequent instalments on the first week of every succeeding month. It is clarified that if default is committed in paying any one of the instalments, the bank will be free to continue the proceedings that it has already initiated. ANTONY DOMINIC, JUDGE jan/-