IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC WEDNESDAY, THE 30TH JANUARY 2008 / 10TH MAGHA 1929 WP(C).No. 3588 of 2008(B) ------------------------- PETITIONER: ------------- SMT.USHA NANDAKUMAR, W/O. NANDAKUMAR, NANDANAM, CHEMMAKKADU P.O., KOLLAM DISTRICT. BY ADV. SRI.B.MOHANLAL SRI.SAIJU. S RESPONDENTS: ---------------- 1. THE AUTHORISED OFFICER, CHIEF MANAGER, STATE BANK OF TRAVANCORE, REGIONAL IV, ZONAL OFFICE, THIRUVANANTHAPURAM. 2. SRI.L.S. SUNIL, ADVOCATE COMMISSIONER APPOINTED BY THE chief JUDICIAL MAGISTRATE COURT, KOLLAM, KAILAS, NEAR GANAPATHY TEMPLE, COLLECTORATE, KOLLAM. BY ADV.SRI. SAJI VARGHESE, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 30/01/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. ------------------------------- W.P(C) No. 3588 OF 2008 ----------------------------------- Dated this the 30th day of January, 2008 JUDGMENT The petitioner is facing proceedings under the Securitization Act. The proceedings are reached to the stage where the Bank is proposing to take possession of the mortgaged property on the strength of the order passed by the Chief Judicial Magistrate under Section 14 of the Act. At this stage, the petitioner has filed this writ petition and prays for stay of all further proceedings. 2. Petitioner submits that she had submitted an application before the Bank for the benefit of one time settlement and Ext.P1 application is referred to in this context. Petitioner prays that the Bank be directed to consider the said application. I have heard the counsel for the Bank also. The proceedings are reached the stage where possession is to be taken over tomorrow and it is at this stage, this Writ Petition has been filed. Therefore, the further proceedings pursuant to the steps taken by the Bank can be restrained only on conditions. In view of this, I direct that the petitioner shall pay an amount of Rs.2 lakhs within 10 days from today. If payment is made by the WPC No. 3588 of 2008 2 petitioner, Exts.P2 and P3 will stand deferred. In the meanwhile, it is also directed that if the respondent Bank has received Ext.P1 application for the benefit of one time settlement from the petitioner, the same shall be considered and orders passed as expeditiously as possible within three weeks of production of a copy of this judgment only thereafter further proceedings pursuant to Exts.P2 and P3 will be continued. The Writ Petition is disposed of as above. ANTONY DOMINIC, JUDGE btt WPC No. 3588 of 2008 3