IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC FRIDAY, THE 29TH FEBRUARY 2008 / 10TH PHALGUNA 1929 WP(C).No. 31610 of 2007(K) --------------------------------------- PETITIONER: ------------------- DOLLY GEORGE, W/O. ANEESH THOMAS, AGED 41 YEARS, VALIYA THANNICKAL SANKARA MANGALAM VEEDU, ERAVIPEROOR MURI AND VILLAGE, THIRUVALLA TALUK, PATHANAMTHITTA DISTRICT, PIN-689 101. BY ADV. SRI.R.SURENDRAN. RESPONDENTS: ----------------------- 1. PUNJAB NATIONAL BANK, THIRUVALLA BRANCH OFFICE, REPRESENTED BY THE SENIOR MANAGER, PUNJAB NATIONAL BANK, THIRUVALLA, PATHANAMTHITTA DISTRICT, PIN-689 101. 2. THE SENIOR REGIONAL MANAGER, PUNJAB NATIONAL BANK, REGIONAL OFFICE, C.P.G.P. TOWERS, UPPALAM ROAD, STATUE, THIRUVANANTHAPURAM. BY ADV. SRI.K.S.DILIP, SRI.SAJU N.A., SRI.S.KABEER. THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 29/02/2008,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C). NO.31610/2007-K: APPENDIX PETITIONER'S EXHIBITS : EXT.P.1: COPY OF THE NOTICE DTD. 16/11/2006, ISSUED BY THE R.1. TO THE PETITIONER AND THE SURETIES. EXT.P.2: COPY OF THE NOTICE DTD. 17/02/2007 ISSUED BY THE R.1. TO SRI. ANISH THOMAS. EXT.P.3: COPY OF THE NOTICE DTD. 17/02/2007 ISSUED BY THE R.1. TO THE PETITIONER. EXT.P.4: COPY OF THE NOTICE DTD. 29/03/2007 ISSUED BY THE R.2. TO SRI. A.C. GEORGE. EXT.P.5: COPY OF THE NOTICE DTD. 28/06/2007 ISSUED BY THE R.2. TO THE PETITIONER AND HER FATHER A.C. GEORGE. EXT.P.6: COPY OF THE RECEIPTS ISSUED BY THE R.1. BANK. EXT.P.7: COPY OF THE REPLY DTD. 07/07/2007 ISSUED BY THE PETITIONER TO THE R.2. EXT.P.8: COPY OF THE NOTICE INVITING TENDER DTD. 31/01/2008 PUBLISHED BY R.2. IN THE NEWSPAPER, `THE HINDU'. RESPONDENT'S EXHIBITS: NIL. //TRUE COPY// prv. ANTONY DOMINIC, J. = = = = = = = = = = = = = = = = W.P.(C) No. 31610 OF 2007 K = = = = = = = = = = = = = = = = Dated this the 29th February, 2008 J U D G M E N T In this writ petition the challenge is against the proceedings initiated by the bank under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. As is evident from Ext. P8, the bank has published notice inviting tenders and 3.3.2008 is the date scheduled for receipt of tenders. At this belated stage, this writ petition is moved and the petitioner seeks an instalment facility to discharge the debt and save the property from a distress sale. 2. Having regard to the submissions made by both the petitioner and the learned counsel for the respondent bank, I am inclined to grant an instalment facility to the petitioner to save the property of the mortgagor, his father. 3. Accordingly, this writ petition is disposed of with the following directions: That before 2 p.m. on 3.3.2008, the petitioner shall remit Rs.5 W.P.(C) No. 31610 OF 2007 - 2 - lakhs with the bank. Subject to payment as above, further proceedings pursuant to Ext. P8 will be deferred by the bank. The balance amount due will be permitted to be paid in 6 equal monthly instalments and the first instalment will be payable in the 1st week of April, 2008 and the subsequent instalments will be payable in the 1st week of every succeeding month. It is clarified that in case the petitioner commits default in paying any one of the instalments as above, the bank will be free to continue the action that it has already initiated, without further notice. ANTONY DOMINIC JUDGE jan/-