IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 13TH OCTOBER 2011 / 21ST ASWINA 1933 WP(C).No. 14148 of 2010(P) ----------------------- PETITIONER(S): ----------------------- 1. D.SHEEJA RANI, W/O.MOHANAKUMAR.R, PEACE COTTEAGE, KANCHAMPAZHINJI, POOVAR PO, THIRUVANANATHAPURAM. 2. MOHANAKUMAR.R, PEACE COTTEAGE, KANCHAMPAZHINJI, POOVAR PO, THIRUVANANATHAPURAM. BY ADV. SRI.AJITH MURALI RESPONDENT(S): ------------------------- 1. THE AUTHORIZED OFFICER, PNB HOUSING FINANCE LTD., THIRUVANANTHAPURAM BRANCH, CAPITAL TOWERS, STATUE, THIRUVANANTHAPURAM. 2. THE MANAGER, PNB HOUSING FINANCE LTD., THIRUVANANTHAPURAM BRANCH, CAPITAL TOWERS, STATUE, THIRUVANANTHAPURAM. R1 & R2 BY ADV. SRI.R.S.MOHANAN NAIR THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 13/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Mn ...2/- WP(C).No. 14148 of 2010(P) APPENDIX PETITIONER'S EXHIBITS: EXT.P1 : COPY OF THE PETITION AS C.M.P. NO. 5549/2009 OF THE CHIEF JUDICIAL FIRST CLASS MAGISTRATE COURT, THIRUVANANTHAPURAM. EXT.P2 : COPY OF THE OBJECTION FILED BY THE 1ST PETITIONER. EXT.P3 : COPY OF THE DETAILS OF THE PAY IN SLIP ISSUED BY THE RESPONDENT BANK IN THE A/C. NO. 626201070478 BEFORE THE CJM COURT. EXT.P4 : COPY OF THE DETAILS OF THE PAY IN SLIP ISSUED BY THE RESPONDENT BANK IN THE A/C. NO. 445 BEFORE THE CJM COURT. EXT.P5 : COPY OF THE ORDER AS C.M.P NO. 5549/2009 OF THE CHIEF JUDICIAL FIRST CLASS MAGISTRATE COURT, THIRUVANANTHAPURAM. RESPONDENT'S EXHIBITS : EXT.R1(a) : COPY OF THE DEMAND NOTICE DATED 04-05-2009. EXT.R1(b) : COPY OF STATEMENT OF ACCOUNT AS ON 01-01-2008. EXT.R1(c) : COPY OF STATEMENT OF ACCOUNT OF THE PETITIONER. EXT.R1(d) : COPY OF STATEMENT OF ACCOUNT AS PER THE DIRECTION OF THE HON'BLE CJM COURT, TVM. //TRUE COPY// P.A. TO JUDGE Mn S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.14148 OF 2010 ---------------------------------------------- Dated this the 13th day of October, 2011 JUDGMENT The petitioners challenge proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondents for recovery of the loan amounts due from the petitioners to the respondents. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek facility to pay off the amounts due in instalments. 2. This is opposed by the learned counsel for the bank. However, taking a lenient view, I dispose of this writ petition with the following directions: The respondents shall permit the petitioners to pay off the balance amount due in six equal monthly instalments starting from 1.11.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioners pay the instalments on due dates without default, further proceedings under the Act shall be kept in abeyance. W.P.(C)No.14148/10 2 However, if the petitioners commit default in payment of any one of the instalments, 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. On payment of the 1st instalment, the petitioners shall be allowed to reside in their house but, the legal position would continue with the bank. S. SIRI JAGAN, JUDGE acd W.P.(C)No.14148/10 3