IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC MONDAY, THE 3RD MARCH 2008 / 13TH PHALGUNA 1929 W.P(C).No. 5691 of 2008(C) --------------------------------- PETITIONER: -------------- A.NAZARUDHEEN, S/O.ABOOBACKER, AGED 35 YEARS, THENGUMTHARA VADAKKATHIL, PALLISSERIKKAL P.O., SASTHAMCOTTA, KOLLAM. BY ADV. SRI. K. SIJU KAMALASANAN RESPONDENT: --------------- AUTHORISED OFFICER, LIC HOUSING FINANCE LTD., LEELA TOWERS, KESAVADASAPURAM, THIRUVANANTHAPURAM. BY ADV. SRI.R.S.KALKURA THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 03/03/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. =============== W.P.(C) NO. 5691 OF 2008 C ==================== Dated this the 3rd day of March, 2008 J U D G M E N T In this writ petition, proceedings have been initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act and possession of the mortgaged assets have been taken over. According to the counsel for the respondents, the dues as on date is Rs.5,23,568/-. It is also stated that auction has already been scheduled and it is at this stage writ petition has been filed by the petitioner challenging the proceedings. However, the petitioner is limiting his request for settlement of the liability by instalments. 2. Having regard to the submissions made by the counsel for the petitioner and also those made by the counsel for the respondents, I dispose of this writ petition with the following directions. That if the petitioner so desires, he may remit an amount of WPC 5691/08 :2 : Rs.2.5 lakhs on or before the date on which auction is now scheduled to take place. If payment is made as above, Bank shall defer further action for the disposal of the mortgaged property. Thereafter the balance due from the petitioner will be permitted to be paid in three equal monthly instalments. The first instalment will be payable in the first week of April, 2008 and the subsequent instalments will be payable in the first week of every succeeding month. It is clarified that if the petitioner commits default in paying any one of the instalments, the Bank will be free to continue the action it has already initiated. Writ petition is disposed of as above. ANTONY DOMINIC,JUDGE. Rp