IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC WEDNESDAY, THE 18TH JUNE 2008 / 28TH JYAISHTA 1930 WP(C).No. 18165 of 2008(K) -------------------------- PETITIONER: PETITIONER ---------------------- P.K. SURESH BABU, S/O. LATE P.K. PARAMESWARAN NAIR, MATHIYOTTUMADATHIL HOUSE, THIRUVALLOM.P.O, TRIVANDRUM DT. BY ADV. SRI.P.V.BABY SRI.R.KIRAN RESPONDENTS: RESPONDENTS ------------------------ 1. STATE BANK OF TRAVANCORE, NEDUMANGAD BRANCH, TRIVANDRUM REP. BY ITS BRANCH MANAGER. 2. THE AUTHORISED OFFICER, CHIEF MANAGER (ADVANCES), STATE BANK OF TRAVANCORE, REGION II, ZONAL OFFICE, TRIVANDRUM. BY STANDING COUNSEL SRI SAJI VARGHESE THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/06/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. -------------------------------------------------------- W.P.(C) 18165 of 2008 -------------------------------------------------------- Dated: JUNE 18, 2008 JUDGMENT The challenge in this writ petition is against the securitisation proceedings initiated against the petitioner. 2. From the proceedings it appears that the Chief Judicial Magistrate, Thiruvananthapuram, has passed an order under sec.14 of the Securitization and Re-construction of Financial Assets and Enforcement of Security Interest Act, 2002 and a commissioner has also been appointed. It is at that stage this writ petition has been filed. 3. Though several contentions have been raised by the learned counsel for the petitioner regarding the validity of the proceedings initiated, the only relief that is pressed before me is for an instalment facility to discharge the liability. 4. I heard the learned standing counsel who entered appearance on behalf of the respondent Bank. 5. Taking into account the submissions made by both sides, this writ petition is disposed of directing that subject to payment of WP(C) 18165/08 2 Rs.20 lakhs within one month from today, further proceedings pursuant to Exts.P2 and P3 will stand dropped. The balance amount as due, for which the proceedings have been initiated, will be paid by the petitioner in five equal monthly instalments, the first of which will be paid on or before 15th August, 2008 and the subsequent instalments before the 15th of every succeeding month. It is directed that on the payment of the first instalment of Rs.20 lakhs as above, the bank will provide the petitioner a statement of accounts to the petitioner indicating his exact liability. It is clarified that in the event of the petitioner committing any default in the payment of any one of the instalments, the bank will be free to continue the proceedings it has already initiated. ANTONY DOMINIC JUDGE mt/-