IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC TUESDAY, THE 22ND JANUARY 2008 / 2ND MAGHA 1929 WP(C).No. 37315 of 2007(P) -------------------------- PETITIONER: -------------- N.C.ASMABI, W/O.T.K.MOHAMMED KUTTY, HANSAM, KALIKAVU ROAD, VANIYAMBALAM P.O. MALAPPURAM DISTRICT. BY ADV. SRI.N.NAGARESH SRI.BINU PAUL SRI.T.V.VINU RESPONDENTS: ------------------ 1. STATE BANK OF INDIA, REPRESENTED BY ITS AUTHORIZED OFFICER, REGIONAL BUSINESS OFFICE-II, IST FLOOR, SOUTHERN TRADE TOWER, PUSHPA JUNCTION, FRANCIS ROAD, KOZHIKODE - 673 002. 2. MANAGER, STATE BANK OF INDIA, MANJERI BRANCH, MANJERI. 3. K.V.BALAN, ENFORCEMENT AGENT, STATE BANK OF INDIA, RBO-II, SOUTHERN TRADE TOWER, PUSHPA JN. FRANCIS ROAD, KOZHIKODE. BY ADV. SRI.K.K.CHANDRAN PILLAI, SC, SBI THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/01/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. =============== W.P.(C) NO. 37315 OF 2007 P ===================== Dated this the 22nd day of January, 2008 J U D G M E N T The proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 initiated against the petitioner is under challenge. Though the petitioner has raised several contentions touching upon the merits of the proceedings initiated, when the matter was taken up for hearing, the request was confined to one for an instalment facility to discharge the liability. 2. The counsel for the Bank points out the repeated default that has been committed and also refers me to the allegation that a portion of the mortgaged property has been sold. Now that since the petitioner is confining the request for an instalment facility alone, I do not think it necessary to adjudicate on the rival contentions that are raised. WPC 37315/07 :2 : 3. The fact remains that the present liability of the petitioner is about 16 lakhs. In view of this and since the petitioner's request is a limited one and as the property involved is a residential property, I am inclined to dispose of this writ petition giving instalment facility to the petitioner in the manner indicated below. 1) That within one month from today, petitioner shall deposit with the respondent Bank an amount of Rs. 4 lakhs. 2) Subject to payment as above, proceedings initiated against the petitioner shall stand deferred. 3) The balance amount will be paid by the petitioner in six equal monthly instalments, commencing from the 15th of March, 2008 and the subsequent instalments will be payable on the 15th of every succeeding month. 4) It is clarified that if the petitioner commits default in paying anyone of the instalments, the Bank will be free to proceed against the mortgaged property without further notice to the petitioner. ANTONY DOMINIC, JUDGE. Rp