IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC TUESDAY, THE 4TH MARCH 2008 / 14TH PHALGUNA 1929 W.P(C).No. 7281 of 2008(P) --------------------------------- PETITIONER: -------------- DR. G.S.ANANDAN, AMBADY, AYATHIL P.O., KOLLAM. BY ADV. SRI.S.SANTHOSH KUMAR RESPONDENT: ---------------- THE CHIEF MANAGER, STATE BANK OF TRAVANCORE, PUNALUR BRANCH, KOLLAM. BY ADV. SRI.SATHISH NINAN, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04/03/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. = = = = = = = = = = = = = = = = W.P.(C) No. 7281 OF 2008 P = = = = = = = = = = = = = = = = Dated this the 4th March, 2008 J U D G M E N T Proceedings were initiated against the petitioner under the Securitization and Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002. In this writ petition, all that is prayed for by the petitioner is that he may be permitted to discharge the liability in instalments. 2. I heard the counsel for the petitioner and the counsel for the respondent bank. 3. However, having regard to the fact that the petitioner is admittedly a defaulter, the bank cannot be faulted for the action it has taken. Further, the proceedings have already reached the stage of taking over possession of the mortgaged property. 4. Having regard to the submissions that are made by both sides, I dispose of this writ petition with the following directions: That before 31.3.2008 petitioner shall deposit an amount of W.P.(C) No. 7281 OF 2008 --2- Rs.2 lakhs. Subject to payment as above, further proceedings initiated against the petitioner will stand deferred. Thereafter, petitioner will be permitted to pay the balance amount still remaining outstanding in 3 equal monthly instalments, the first of which will be payable in the first week of May, 2008 and the subsequent instalments will be payable in June, 2008 and July, 2008 respectively. It is clarified that in case default is committed by the petitioner in paying any one of the instalments, the bank will be free to continue action that it has already taken. ANTONY DOMINIC JUDGE jan/-