IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC FRIDAY, THE 15TH FEBRUARY 2008 / 26TH MAGHA 1929 WP(C).No. 5033 of 2008(Y) ------------------------- PETITIONER: ------------ P.X.BENNY,S/O.XAVIER PAVANA HOUSE, H.NO. 34/874,MOTHR TERESSA ROAD VELLUVELI LANE, EDAPPALLY, ERNAKULAM. BY ADV. SRI.R.ANILKUMAR SRI.P.BANI RESPONDENTS: ------------- STATE BANK OF TRAVANCORE, EDAPPALLY BRANCH, REP. BY CHIEF MANAGER, KOCHI 682024. BY STANDING COUNSEL SRI. R.S. KALKURA THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 15/02/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. ============================= W.P.(C)NO. 5033 OF 2008 ============================== DATED THIS THE 15TH DAY OF FEBRUARY 2008 JUDGMENT The petitioner against whom the proceedings have been initiated under the Securitization and Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002 has filed this writ petition challenging the said proceedings. The standing counsel for the Bank submits that the petitioner is a cronic defaulter and if at all the request made by the petitioner that he intends to settle the liability in three months as any bona fides, he should prove the same by making a satisfactory deposit within the shortest time. Counsel for the petitioner seeks one month's time for making an initial deposit and I do not think that this is unreasonable. Having regard to the submissions made by both sides, I feel that the petitioner should be given another opportunity to avoid a distress sale of the properties. Accordingly, I direct that if the W.P.C. 5033/2008 -2- petitioner pays one-third of the outstanding amount within three weeks from today, coercive action against the petitioner shall be deferred. Thereafter, the petitioner will be given three months time to liquidate the entire liability. Needless to say that in case, the petitioner commits default in complying with the conditions mentioned above, the bank will be free to continue the action without further notice to the petitioner. The writ petition is disposed of as above. ks. ANTONY DOMINIC, JUDGE