IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC TUESDAY, THE 15TH JANUARY 2008 / 25TH POUSHA 1929 WP(C).No. 38006 of 2007(Y) -------------------------- PETITIONER: ------------ RADHAKRISHNA PILLAI, S/O.GANESAN, VAZHAVILA, THATTARKONAM P.O., KOLLAM (DT.). BY ADV. SRI.PRATHEESH.P RESPONDENTS: ------------- AUTHORIZED OFFICER, (SENIOR MANAGER), S.B.T. BEACH ROAD, KOLLAM. BY ADV. SRI.R.S.KALKURA THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 15/01/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. ========================= W.P.(C)NO. 38006 OF 2007 ========================= Dated this the 15th day of January 2008 JUDGMENT Challenge in this writ petition is against the proceedings initiated against the petitioner under the Securitisation and Reconstruction of Financial assets and Enforcement of Security Interest Act, 2002. It is stated by the counsel for the Bank that as on 31.1.2006, the amount that was due from the petitioner was about Rs.7 lakhs and that since then since there has not been any payment from the petitioner at all. It is also stated that symbolic possession has already been taken over and an order under Section 14 of the Act has also been obtained. Irrespective of this, now that the counsel for the petitioner confines his request for granting an instalment facility to discharge the liability, I feel that a last chance should be given to the petitioner to liquidate the liability and save the residential property. In view of the above, I dispose of this writ petition in the following terms: Within two weeks from today, petitioner shall make payment of Rs.2 lakhs (Rupees Two lakhs only) to the first respondent. Subject to the payment as above, further action against the petitioner will stand deferred. Balance amount that is to be due will be paid by the petitioner in six equal monthly instalments, commencing from 15th of W.P.(C)38006/2007 2 February 2008 and subsequent instalments are payable on the 15th of every succeeding months. It is clarified that if the petitioner commits default in any one of the instalment as above, it will be open to the Bank to continue the action without further notice to the petitioner. ANTONY DOMINIC, JUDGE css/