IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC WEDNESDAY, THE 27TH FEBRUARY 2008 / 8TH PHALGUNA 1929 WP(C).No. 4986 of 2008(R) ------------------------- PETITIONER: ------------ FRANKLIN RAJ.D, S/O.DENNISON, AGED 35, RESIDING AT GRACE COTTAGE, THANNIKKAVILA, CHAIKOTTUKONAM P.O., NEYYATTINKARA. BY ADV. SRI.AVM.SALAHUDIN SMT.VIJAYAKUMARI RESPONDENTS: ------------- 1. TAMILNAD MERCANTILE BANK LTD., PAZHAYAKADAI JUNCTION, NEYYATTINKARA VIA, TIRUPURAM, THIRUVANANTHAPURAM DISTRICT. 2. AUTHORISED OFFICER, TAMIL NADU MERCANTILE BANK LTD., THIRUVANANTHAPURAM DISTRICT. BY SC ADV. SRI.V.V.SURENDRAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27/02/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. ------------------------------------ W.P.(C) 4986 of 2008 ------------------------------------- Dated: February 27, 2008 JUDGMENT The petitioner against whom proceedings have been initiated under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, has filed this writ petition. 2. It is the admitted case that three loans have been availed of by the petitioner and default has been committed in all the three loans. It is on account of this that the bank has initiated proceedings under the said Act. 3. When the writ petition was taken up for admission, petitioner has not raised any contention as regards the default that was committed or the liability that has been fixed. All that is sought for is time for liquidating the liability. Petitioner requests that he may be permitted to pay the amount in 12 instalments. This request is opposed by the counsel for the bank contending that the liability should be discharged at an early possible time. 4. Having regard to the submissions that are made, I direct WP(C) 4986/08 Page numbers that the petitioner shall pay the amount towards all the three loans in six equal monthly instalments. The first instalment will be payable in the 1st week of April, 2008 and the subsequent instalments in the first week of every succeeding month. Subject to payment as above, further proceedings will be deferred and in case default is committed, the bank will be free to continue the action it has already taken. ANTONY DOMINIC, JUDGE mt/-