Petitioner challenges Exts.P1 and P2 possession notices issued by the respondent bank pursuant to proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Although various contentions are raised in the writ petition against the said possession notices issued by the respondent bank, the petitioner limits his prayers to consideration of an instalment facility for payment of the amounts due to the respondent bank. 2. I have heard the Standing counsel appearing on behalf of the respondent who submits that instalment facility can be granted subject to paying a substantial portion of the dues along with the first instalment. On a consideration of the facts and circumstances of the case, I dispose the writ petition with the following directions:
(1) The petitioner shall pay an amount of Rs.2.5 lakhs within one month from the date of this judgment to the W.P.(C).No.12042/2014 2 respondent.
(2) The petitioner shall effect payment of the balance amount of Rs.8 lakhs in six equal monthly isntalments commencing from 1st July, 2014.
(3) Subject to the compliance with the above directions, further proceedings pursuant to Exts.P1 and P2 shall be kept in abeyance. It is made clear however that if the petitioner defaults in payment of any one instalment, the benefit of this judgment shall not enure to the petitioner and the respondent will be free to continue with the proceedings initiated under ExtsP1 and .P2 from the stage at which it currently stands.
A.K.JAYASANKARAN NAMBIAR JUDGE prp