IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 20TH JUNE 2008 / 30TH JYAISHTA 1930 WP(C).No. 14821 of 2008(M) -------------------------------------- PETITIONER: ------------------ MANIKANDAN.G, S/O R.GOPALAN, 216 B, RAILWAY QUARTERS, HEMAMBIKA NAGAR, KALLEKULANGARA, PALAKKAD. BY ADV. SMT.S.MUMTAZ RESPONDENT: ---------------------- HOUSING DEVELOPMENT FINANCE CORPORATION LTD., PALAKKAD BRANCH, REPRESENTED BY THE MANAGER, 1ST FLOOR, PKM COMPLEX, MISSION SCHOOL JUNCTION, PALAKKAD. BY ADV. SRI.K.K.CHANDRAN PILLAI - R1 THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 20/06/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C) NO.14821/2008 APPENDIX PETITIONERS EXHIBITS EXT.P1:- COPY OF THE NOTICE DT. 16.8.07 . EXT.P2:- COPY OF THE REPLY GIVEN BY THE PETITIONER TO THE BANK DT. 27.8.07. EXT.P3:- COPY OF THE POSSESSION NOTICE DT. 8.2.08. EXT.P4:- COPY OF THE REQUEST LETTER SUBMITTED BY THE PETITIONER TO THE RESPONDENT DT. 10.3.08. /TRUE COPY/ P.A. TO JUDGE tss S.SIRI JAGAN, J = = = = = = = = = = = = = = = = W.P.(C).No. 14821 OF 2008 = = = = = = = = = = = = = Dated this the 20th day of June, 2008. J U D G M E N T The petitioner is challenging proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, initiated by the 1st respondent for recovery of loan amounts due from the petitioner to the bank. However, the petitioner does not dispute the liability or quantum. Petitioner only seeks facility to pay the amounts due in instalments. 2. I have heard the learned standing counsel for the bank, who opposes the same. He would submit that in spite of granting several opportunity to the petitioner, petitioner has not paid any amount. 3. Having heard both sides, I am of opinion that some more leniency can be shown to the petitioner in the matter of payment of balance amount due in instalments. Accordingly, this writ petition is disposed with the following directions: W.P.(C).No. 14821 OF 2008 2 The petitioner shall pay an amount of Rs.2 Lakhs within one month from today and the balance amount due shall be paid in four equal monthly instalments starting from 1.9.2008. Every subsequent instalment shall be paid on the 1st working day of every succeeding month. If the petitioner pays Rs.2 Lakhs and the instalments without default on the due dates, further proceedings under the Act shall be kept in abeyance. However, if the petitioner fails to pay either the Rs.2 Lakhs or any one of the instalments, it would be open to the respondent to continue proceedings as now initiated without having to issue fresh notice or proceedings in that regard. S.SIRI JAGAN, JUDGE bkn/-