IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC MONDAY, THE 18TH FEBRUARY 2008 / 29TH MAGHA 1929 WP(C).No. 3733 of 2008(T) ------------------------- PETITIONER: ------------ NAGENDRAN T.K., VISALA BHAVAN P.D.ROAD, PALLURUTHY, COCHIN-6. BY ADV. SRI.BABU CHERUKARA RESPONDENTS: ------------- 1. STATE BANK OF HYDERABAD COCHIN (ERNAKULAM) BRANCH, CHAKO'S TOWERS NEAR TO PADMA JUNCTION, JEWS STREET ERNAKULAM, COCHIN-35 REPRESENTED BY ITS AUTHORISED SIGNATORY. 2. STATE OF KERALA, REPRESENTED BY THE SECRETARY TO FINANCE DEPARTMENT SECRETARIAT, TRIVANDRUM. R1 BY ADV. SRI.G.SHRIKUMAR SRI.SREEJITH S.NAIR THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/02/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. ------------------------------------ W.P.(C) 3733 of 2008 ------------------------------------- Dated: February 18, 2008 JUDGMENT The challenge is against securitisation proceedings which culminated in Ext.P7, a sale notice published by the bank. From Ext.P7 it is seen that the amount outstanding is more than Rs.7.57 lakhs and that the sale is scheduled to take place on 20.2.2008. It is on the eve of the sale that this writ petition has been filed. 2. Counsel for the petitioner submits that all that he wants is a reasonable time to discharge the liability to avoid the sale. 3. I heard the standing counsel for the bank who points out that right from the beginning the petitioner was a defaulter and it was therefore that the bank had to take coercive action against the mortgaged property. 4. The petitioner has no case that he is not a defaulter. If that be so, the bank cannot be faulted for the action they have taken. The petitioner prays for four months' time to pay off the arrears and regularise the loan. Even that is possible only if the petitioner is clearing atleast the amount in default. This itself, W.P.(C) 3733 of 2008 Page numbers according to the counsel for the bank, comes to Rs.2,61,000/-. Therefore the petitioner should atleast pay this amount. 5. Taking into account the submissions that are made before me, I dispose of this writ petition directing that if the petitioner remits the amount of Rs.2,61,000/- which is now in default any time prior to the time scheduled for opening of the bids, the bank will defer further action pursuant to Ext.P7. Thereafter the bank will consider the request of the petitioner for regularising the loan and if the request is accepted, further action pursuant to Ext.P7 will be dropped. ANTONY DOMINIC, JUDGE mt/-