IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC THURSDAY, THE 27TH MARCH 2008 / 7TH CHAITHRA 1930 W.P(C).No. 7294 of 2008 (R) ---------------------------------- PETITIONER: -------------- MADHUSOODANAN NAIR , S/O.KESAVA PILLAI,AGED 56 YEARS,RESIDING AT ANCHIL VEEDU, FROM KADAMPURATHU,THAKAZHI P.O. ALAPPUZHA. BY ADV. SRI.K.N.VENUGOPALA PANICKER RESPONDENTS: ----------------- 1. THE VIJAYA BANK, THIRUVALLA BRANCH VENGAL BUILDING, CROSS JUNCTION THIRUVALLA, KERALA 689 101. 2. THE AUTHORISED OFFICER AND CHIEF MANAGER VIJAYA BANK,REGIONAL OFFICE, R& R SECTION IST FLOOR,JOSE ANNEXE, JOSE JUNCTION M.G.ROAD, ERNAKULAM. BY ADV. SRI.B.S. KRISHNAN (SR.) THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27/03/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. =================== W.P.(C) NO. 7294 OF 2008 - R =================== Dated this the 27th day of March, 2008 J U D G M E N T The challenge in this writ petition is against Ext.P1, a possession notice issued by the respondent Bank invoking the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act. Petitioner submits that after Ext.P1 was issued, he has paid an amount of Rs. 1 lakh on 27/12/2007 and is seeking an instalment facility to pay the balance amount. On instructions, counsel for the Bank submits that the Bank is taking steps to apply for an order under Section 14 in order to take possession of the building. 2. Now that the petitioner is only seeking an instalment facility to save the property from a distress sale, I feel that the petitioner could be granted the limited relief by directing payment in instalments. 3. Accordingly, I direct that the petitioner shall pay the amount due to the Bank in six equal monthly instalments, first of which will be WPC No.7294/08 :2 : payable on 15th of April, 2008 and the subsequent instalments payable on the 15th of every succeeding month. It is directed that on payment as above, further proceedings will stand deferred and in case default is committed, the Bank will be free to continue the action that it has already initiated. Writ petition is disposed of as above. ANTONY DOMINIC,JUDGE. Rp