IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 26TH JUNE 2008 / 5TH ASHADHA 1930 WP(C).No. 19216 of 2008(K) ---------------------------------- PETITIONER: --------------- 1. VASANTHAKUMARI D. D/O. DEVAKI AMMA, SREEMANGALAM,MANAKKARA, SASTHAMKOTTA, KOLLAM. 2. SMT. DEVAKI AMMA, SREEMANGALAM,MANAKKARA,SASTHAMKOTTA, KOLLAM. BY ADV. SRI.BECHU KURIAN THOMAS RESPONDENTS: ------------------ 1. HOUSING DEVELOPMENT FINANCE CORPORATION LTD.,HDFC HOUSE, POST BAG NO. 1667, RAVIPURAM JUNCTION, M.G.ROAD, KOCHI 682015 REPRESENTED BY ITS GENERAL MANAGER. 2. THE AUTHORIZED OFFICER HOUSING DEVELOPMENT FINANCE CORPORATION HDFC HOUSE, POST BAG NO. 1667, RAVIPURAM JUNCTION, M.G.ROAD, KOCHI 682015 . BY SRI.K.K. CHANDRAN PILLAI - SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 26/06/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. SIRI JAGAN, J. ------------------------------------ W.P.(C)No.19216 OF 2008 ---------------------------------------- Dated this the 26th day of June, 2008 JUDGMENT The petitioners are defaulters in payment of loan amounts due from them to the 1st respondent. Aggrieved by proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act by the respondents for coercive recovery of the amounts, they have filed this writ petition. But they do not now dispute the liability to pay or the quantum. They only require some time to pay off the amounts. The learned counsel for the petitioners seeks six months' time to pay off the amounts. 2. This is vehemently opposed by the learned Standing Counsel for the respondents. He would submit that the petitioners have defrauded the bank in so far as without knowledge of the bank, the petitioners have sold of the security interest and parted with possession thereof. Therefore, the petitioners cannot be given any further indulgence in the matter. He also points out that for the last 14 months, there was no W.P.(c)No.19216/08 2 payment whatsoever in the loan account. 3. Having heard both sides, despite the illegality committed by the petitioners, I feel that some leniency can be shown to them on conditions. Accordingly, this writ petition is disposed of with the following directions. The petitioners shall pay an amount of Rs.2 lakhs within one month from today. The balance amount shall be paid in four equal monthly instalments starting from 1.9.2008. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioners pay the above amounts without default, further coercive proceedings shall be kept in abeyance. However, if the petitioner fails to pay either Rs.2 lakhs or any of the subsequent instalments on the due dates, it would be open to the respondents to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. S. SIRI JAGAN, JUDGE Acd W.P.(c)No.19216/08 3