IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 23RD MAY 2008 / 2ND JYAISHTA 1930 WP(C).No. 9490 of 2008(D) ------------------------- PETITIONER: ------------ NIDHISH KUMAR.S., NITHEESH BHAVAN, KANCHIYOORKONAM, KATTAKKADA P.O., TRIVANDRUM-695572. BY ADV. SRI.P.N.MOHANAN RESPONDENTS: ------------- 1. HOUSING DEVELOPMENT FINANCE CORPORATION LTD., REPRESENTED BY MANAGER, H.D.F.C.HOUSE, VAZHUTHACADU, THIRUVANANTHAPURAM-10. 2. HOUSING DEVELOPMENT FINANCE CORPORATION LTD., REPRESENTED BY AUTHORISED OFFICER, H.D.F.C. HOUSE, VAZHUTHACADU, THIRUVANANTHAPURAM-10. 3. TAHSILDAR, NEYYATTINKARA. 4. SUPERINTENDENT OF POLICE, THIRUVANANTHAPURAM RURAL. 5. THE DISTRICT COLLECTOR, THIRUVANANTHAPURAM. BY ADV. SRI.K.K.CHANDRAN PILLAI, SC, HDFC FOR R1-2 GOVT. PLEADER SRI. I.V. PRAMOD. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 23/05/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W. P (C) No. 9490 of 2008 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 23rd May, 2008. J U D G M E N T Petitioner is challenging proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 by respondents 1 and 2 for recovery of loan amounts due from him to the respondents 1 and 2 on the ground that the proceedings have been initiated after re- scheduling the loan. After arguing some time, on some persuasion by this Court, the learned standing counsel for respondents 1 and 2 fairly agreed to regularise the loan account provided the petitioner pays the arrears due as at the end of May, 2008. According to the standing counsel, the arrears due is Rs.1,11,574/-. The petitioner seeks permission to pay that amount in instalments along with the regular instalments as per the re-scheduled loan. This is opposed by the standing counsel for the respondents. However, taking a lenient view, I dispose of this writ petition with the following directions. 2. Respondents 1 and 2 would regularise the loan account on the petitioner paying Rs. 1,11,574/- in three equal monthly instalments along with the instalments of re-scheduled repayment of the loan for the months June, July and August, 2008. The petitioner shall continue to pay the re-scheduled instalments on the due dates. If the petitioner pays the above said instalments of the balance arrears and the regular instalments on the due dates, further proceedings under the Act would be kept in abeyance. However, if the petitioner commits default in payment of any of the instalments as directed above, it would be open to respondents 1 and 2 to continue the proceedings as now initiated without having to issue any further notice or proceedings in that regard. Sd/- S. Siri Jagan, Judge. Tds/ [True copy] P.S to Judge.