IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC THURSDAY, THE 21ST FEBRUARY 2008 / 2ND PHALGUNA 1929 WP(C).No. 6166 of 2008(H) ------------------------- PETITIONER: ------------ P.N.MOHANAN, AGED 48 YEARS, S/O. NARAYANAN, RESIDING AT VELLACHALIL HOUSE, KANJIRAMATTOM P.O.-682 315. BY ADV. SRI.C.T.JESTIN RESPONDENT: ------------- THE VIJAYA BANK, M.G.ROAD BRANCH, REPRESENTED BY ITS BRANCH MANAGER. BY S.C.SRI.K.ANAND THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21/02/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Antony Dominic, J. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - W.P.(C) No. 6166 of 2008 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Dated this the 21st day of February, 2008 JUDGMENT The petitioner had availed a loan from the respondent bank for his business purposes. When default was committed in repayment, the respondent bank had initiated proceedings against the petitioner under the the Securitisation and Reconstruction of Financial Assets and Enforcement of Security interest Act, 2002. In this writ petition the only relief that is sought for is to direct the respondent bank to keep in abeyance the proceedings and permit the petitioner to discharge the liability in instalments. 2. I heard learned counsel for the petitioner and learned standing counsel for the respondent bank. 3. Having regard to the submissions made by both sides, I dispose of this writ petition on the following conditions:- 1) The petitioner shall remit an amount of Rs.1 lakh within two weeks from today. Subject to the above remittance, further action against the petitioner shall be deferred. WPC 6166/08 -2- 2) The balance amount will be remitted by the petitioner in six equal monthly instalments. The first instalment shall be made on or before 15th of April, 2008 and the subsequent instalments shall be made on 15th of every preceding months. 3) In case the petitioner commits default in paying any one of the instalments, the respondent bank will be free to continue the proceedings against the petitioner as per law. Antony Dominic, Judge. mn.