IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC WEDNESDAY, THE 9TH JANUARY 2008 / 19TH POUSHA 1929 WP(C).No. 1084 of 2008(D) ------------------------- CMP.3316/2007 of C.J.M.,KOLLAM .................... PETITIONER: ------------ A.K.HAMSA, MAKKA HOUSE, BL.NO.62, ESM COLONY, KULATHUPUZHA. BY ADV. SRI.T.J.LAKSHMANAN IYER SMT.SREELEKHA.S.KUMAR RESPONDENTS: ------------- 1. THE AUTHORIZED OFFICER, CHIEF MANAGER(ADVANCE), STATE BANK OF TRAVANCORE, REGION V, ZONAL OFFICE, THIRUVANANTHAPURAM. 2. THE BRANCH MANAGER, STATE BANK OF TRAVANCORE, P.O.BOX NO.1, THENMALA-691308, KOLLAM DISTRICT. BY STANDING COUNSEL SRI SAJI VARGHESE THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 09/01/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. ------------------------------------ W.P.(C) 1084 of 2008 ------------------------------------- Dated: January 9, 2008 JUDGMENT Petitioner, a defaulter to the respondent bank, is facing proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. It would appear that the bank has already approached the Chief Judicial Magistrate for an order under Section 14 of the Act and it is submitted that there is an imminent threat of the mortgaged property being taken over. It is in this context that the writ petition has been filed. 2. Although several contentions have been raised on the merits of the steps taken by the bank, I am not impressed by any one of them. At that stage learned counsel for the writ petitioner confines her request for an instalment facility for discharging the liability that is due to the bank. 3. The learned standing counsel for the bank submits that more than Rs.10 lakhs is due from the petitioner and therefore the WP(C)1084/2008 Page numbers bank had to take coercive action. 4. Though the bank is not at fault for the action it has taken, but having regard to the financial constraints pointed out by the learned counsel for the petitioner, I am inclined to allow the petitioner to pay in instalments so that the mortgaged property could be saved from distress sale. 5. Accordingly, I dispose of the writ petition directing that the entire amount that is due from the petitioner be permitted to be paid in 5 equal monthly instalments. The first instalment will be payable on the 20th of January, 2008 and the subsequent instalments will be payable on the 20th of every succeeding month. Subject to payment as above, further proceedings pursuant under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 shall be deferred and, in case the petitioner commits default in paying any one of the instalments, the bank will be free to proceed without further notice. ANTONY DOMINIC, JUDGE mt/-