IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC TUESDAY, THE 18TH MARCH 2008 / 28TH PHALGUNA 1929 WP(C).No. 9030 of 2008(Y) ------------------------- PETITIONER: ------------- SMT.BHARGAVI AMMA, W/O.RAMAN PILLAI, THUNDIL PUTHEN VEEDU, THEKKUMCHERRY, PUTHOOR VILLAGE, KOTTARAKKARA TALUK, KOLLAM DISTRICT. BY ADV. SRI.R.SURAJ KUMAR SMT.GEETHA P.MENON RESPONDENTS: ----------------- 1. THE STATE OF BANK OF TRAVANCORE, REPRESENTED BY THE CHAIRMAN, STATE BANK OF TRAVANCORE, HEAD OFFICE, NEW ADMINISTRATIVE COMPLEX, PUJAPPURA.P.O., THIRUVANANTHAPURAM. 2. THE REGIONAL MANAGER, STATE BANK OF TRAVANCORE, REGIONAL OFFICE, KERALA STATE HOUSING BOARD BUILDING, SANTHI NAGAR, S.S.KOVIL ROAD, THIRUVANANTHAPURAM. 3. CHIEF MANAGER [ADVANCES] THE AUTHORISED OFFICER UNDER THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT 2002. STATE BANK OF TRAVANCORE, REGION-V ZONAL OFFICE, THIRUVANANTHAPURAM-695 001. 4. THE MANAGER, STATE BANK OF TRAVANCORE, PUTHOOR BRANCH, KOLLAM DISTRICT. 5. MOHANAN PILLAI.R., THUNDIL PUTHEN VEEDU, THEKKUMCHERRY, PUTHOOR VILLAGE, KOTTARAKKARA TALUK, KOLLAM DISTRICT. WPC : 9030 OF 2008 6. RADHAKRISHNA PILLAI, THUNDIL PUTHEN VEEDU, THEKKUMCHERRY, PUTHOOR VILLAGE, KOTTARAKKARA TALUK, KOLLAM DISTRICT. 7. RAJAGOPALA PILLAI.R, THUNDIL PUTHEN VEEDU, THEKKUMCHERRY, PUTHOOR VILLAGE, KOTTARAKKARA TALUK, KOLLAM DISTRICT. BY ADV. SRI.R.S. KALKURA, SC, S.B.T. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/03/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. ----------------------------------------------- W.P.(C) No. 9030 OF 2008 ----------------------------------------------- Dated this the 18th day of March, 2008 JUDGMENT The challenge in this Writ Petition is against the proceedings initiated by the Bank under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. 2. It is pointed out on behalf of the respondent that the total liability is about Rs.7.5 lakhs and unless a substantial payment is made, the bank should be permitted to continue the proceedings which has reached the stage of taking possession of the mortgaged assets. Having regard to the fact that the petitioner is seeking an installment facility to discharge the liability and thus to save the mortgaged property, the petitioner is directed to remit one third of the liability due to the Bank before 31.03.2008. If he does so, further proceedings will be deferred. It is directed that if payment is made as above, the petitioner will be permitted to remit the balance amount in five equal monthly installments. The first installment will be payable on the 30th of April, 2008 and the WPC No. 9030 OF 2008 2 subsequent installments on the 30th of every succeeding month. It is clarified that, in case the petitioner commits default in any one of the installments, the bank will be free to continue the proceedings. I also clarify that in spite of this, the bank will be free to consider the One Time Settlement application made by the petitioner. ANTONY DOMINIC, JUDGE ttb WPC No. 9030 OF 2008 3