IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC WEDNESDAY, THE 9TH APRIL 2008 / 20TH CHAITHRA 1930 W.P.(C).No. 11221 of 2008(J) ---------------------------------- PETITIONER: -------------- S. ELANGO, T.C. 40/1215, MANACAUD THIRUVANANTHAPURAM. BY ADV. SRI.D. KISHORE RESPONDENTS: ----------------- 1. THE TAMILNAD MERCANTILE BANK LTD. REPRESENTED BY ITS CHIEF MANAGER (AUTHORISED OFFICER), 57, V.E.ROAD THOOTHUKUDI, PIN-682 002. 2. THE MANAGER TAMILNAD MERCANTILE BANK LTD. CHALAI BRANCH, THIRUVANANTHAPURAM. BY ADV. SRI. V.V. SURENDRAN, SC, TMBL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 09/04/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. =============== W.P.(C) NO. 11221 OF 2008 J ==================== Dated this the 9th day of April, 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 exercising its rights under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The counsel for the petitioner confines his request to one for an instalment facility. 2. I heard the learned standing counsel appearing for the Bank, who has also filed a statement justifying the proceedings that have been initiated. 3. In view of the limited nature of the prayer that is made, I feel that petitioner should be permitted to pay the dues in instalments. 4. Accordingly, this writ petition will stand disposed of directing that within one month from today, the petitioner shall pay an amount of Rs.1 lakh and subject to such payment, the proceedings initiated by the Bank will stand stayed. If payment is made as above, petitioner will be permitted to pay the balance due in five equal monthly instalments. The first instalment will be payable on or before 1st of June 2008 and WPC 11221/08 :2 : subsequent instalments before the 1st of every succeeding month. Subject to payment as above, further proceedings in pursuance to Ext.P1 will stand stayed and in case default is committed, the Bank will be free to continue the proceedings. Writ petition is disposed of as above. ANTONY DOMINIC,JUDGE. Rp