Petitioner challenges Ext.P2 possession notice issued by the 1st 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 notice issued by the 1st respondent bank, the petitioner limits his prayers to consideration of an instalment facility for payment of the amounts due to the 1st respondent. 2. I have heard the Standing counsel appearing on behalf of respondents 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 of the writ petition with the following directions:
(1) The petitioner shall pay an amount of Rs.20 lakhs within one month form the date of this judgment to the W.P.(C).No.11768/2014 2 1st respondent.
(2) The petitioner shall effect payment of the balance amount of Rs.70 lakhs in ten equal monthly isntalments commencing from 1st July, 2014.
(3) Subject to the compliance with the above directions, further proceedings pursuant to Ext.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 respondents will be free to continue with the proceedings initiated under Ext.P2 from the stage at which it currently stands.
A.K.JAYASANKARAN NAMBIAR JUDGE prp W.P.(C).No.11768/2014 3