IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC THURSDAY, THE 13TH MARCH 2008 / 23RD PHALGUNA 1929 W.P(C).No. 7885 of 2008 - (L) ---------------------------------- PETITIONER: -------------- SANTHOSH KUMAR P.S., S/O.PURUSHOTHAMAN PILLAI .S., P.S.BHAVAN, KARIYAVATTOM, THIRUVANANTHAPURAM. BY ADV. SRI.M. SREEKUMAR RESPONDENTS: ----------------- 1. CORPORATION BANK, REPRESENTED BY ITS GENERAL MANAGER, HEAD OFFICE, MANGALORE. 2. THE MANAGER, CORPORATION BANK, VELLAYAMBALAM BRANCH, T.C.9/756-1, BHADRANJALY, K.R.ELANKATHU ROAD, VELLAYAMBALAM, THIRUVANANTHAPURAM - 10. 3. THE AUTHORISED OFFICER, CORPORATION BANK, VELLAYAMBALAM BRANCH, T.C.9/756-1, BHADRANJALY, K.R.ELANKATHU ROAD, VELLAYAMBALAM, THIRUVANANTHAPURAM - 10. BY ADV. SRI.P.JACOB VARGHESE,SC, CORPN. BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 13/03/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. = = = = = = = = = = = = = = = = W.P.(C) No. 7885 OF 2008 L = = = = = = = = = = = = = = = = Dated this the 13th March, 2008 J U D G M E N T In this writ petition the challenge is against Ext. P1 by which the property mortgaged by the petitioner is scheduled to be sold by the bank in pursuance to the action that it has initiated under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. When the matter was taken up the counsel for the petitioner confined his prayer to one for an instalment facility to enable the petitioner to discharge the liability due to the bank. 2. I heard counsel for the bank who opposes the request made by the petitioner. However, having regard to the fact that the petitioner seems to be genuinely interested in discharging the dues and save his property from a distress sale, I am inclined to give him yet another opportunity to discharge the debt. 3. Accordingly, this writ petition will stand disposed of W.P.(C) No. 7885 OF 2008 -2- directing that the petitioner shall remit 1/4th of the amount that is due to the bank before 31.3.2008 and subject to such payment, proceedings initiated will stand deferred. Thereafter the balance due will be paid by the petitioner in 6 equal monthly instalments the first of which will be payable in the 1st week of May, 2008 and the subsequent instalments will be payable in the 1st week of every succeeding month. I clarify that along with the amount payable, the bank will be free to realise the cost which it has incurred towards the securitisation proceedings. It is also directed that in case the petitioner commits any 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/-