IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 27TH SEPTEMBER 2011 / 5TH ASWINA 1933 WP(C).No. 25437 of 2011(D) -------------------------- PETITIONER(S): --------------- SHANMUHGOM.K., S/O. KUNJAN, KUNJAN NIVAS, CHENTHAMARA NIVAS, CHITTUR, PALAKKAD-678102. BY ADV. SMT.E.V.MOLY RESPONDENT(S): --------------- HOUSING DEVELOPMENT FINANCE CORPORATION LTD., HDFC HOUSE, POST BOX NO.1667, RAVIPURAM JN. M.G. ROAD, KOCHI. REP. BY ITS AUTHORIZED OFFICER. PIN-682016. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27/09/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C) NO.25437/2011 APPENDIX PETITIONER(S) EXHIBITS EXT.P1:- TRUE COPY OF THE LAWYER NOTICE DATED 17-7-09. EXT.P2:-TRUE COPY OF THE LAN ACCOUNT STATEMENT FOR THE PERIOD 01/04/2003 TO 24/07/09. EXT.P3:-TRUE COPY OF THE RECEIPT FOR PAYMENT OF RS.1500 ON 20-09-03 AND RS.10,000/- ON 16/02/2005. EXT.P4:-TRUE COPY OF THE RECEIPT FOR PAYMENT OF RS. 3500/- ON 08-06-2011. EXT.P5:-TRUE COPY OF THE RECEIPT FOR PAYMENT OF RS.10896/- ON 10-09-09. EXT.P6:-TRUE COPY OF THE NOTICE ISSUED UNDER SEC. 13(2) OF THE SARFAESI ACT. RESPONDENTS' EXHIBITS NIL:- TRUE COPY P.A. TO JUDGE tss S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.25437 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 27th day of September, 2011 J U D G M E N T The petitioner challenges proceedings initiated by the respondent under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) for recovery of loan amounts due from the petitioner to the respondent. The petitioner seeks time to pay off the amounts in installments. 2. The learned Standing Counsel appearing for the respondent submits that, the respondent has already taken possession under Section 13 (4) of the Act. The petitioner seeks restoration of possession and permission to reside in the house with permission to pay off the amount in installments. 3. Having heard both sides, I dispose of this writ petition with the following directions: The petitioner shall be allowed to reside in the house W.P.(C)No.25437 of 2011 -2- on the petitioner paying an amount of Rs.2,15,000/- (Rupees Two lakhs fifteen thousand only) within two months and the balance amounts shall be paid in 10 (ten) equal monthly installments starting from 02.01.2012. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the amounts as directed above, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of Rs.2,15,000/- within two months or any one of the future instalments, it would be open to the respondent to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Sd/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/