IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 11TH AUGUST 2011 / 20TH SRAVANA 1933 WP(C).No. 21224 of 2011(C) ---------------------------------------- PETITIONER(S): ------------------------ 1. DR. DEEPAK.N., B-1, IIND FLOOR,CAPE WEST STAR APARTMENT, SIVARAM NAGAR, COIMBATORE. 2. MRS. BINU DEEPAK, W/O. DR. DEEPAK.N., RAKSHA', POTTASSERY.P.O., PALAKKAD. BY ADV. SRI.T.K.SANDEEP RESPONDENT(S): --------------------------- 1. THE MANAGER, HOUSING DEVELOPMENT FINANCE CORPORATION, HDFC HOUSE, NO.29, KAMARAJ ROAD,(NEAR CIRCUIT HOUSE) COIMBATORE-641018. 2. THE BRANCH MANAGER, HOUSING DEVELOPMENT FINANCE CORPORATION, PKM COMPLEX, MISSION SCHOOL JUNCTION, PALAKKAD-678 014. R1 & R2 BY SRI.K.K.CHANDRAN PILLAI, SENIOR ADVOCATE BY ADV. SRI.A.S.SAJUSH PAUL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 11/08/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sts WP(C)NO.21224/2011 APPENDIX PETITIONER'S EXHIBITS: P1 COPY OF THE NOTICE DATED 15/07/2011. P2 COPY OF THE REPRESENTATION DATED 26/07/2011. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A.TO.JUDGE sts S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.21224 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 11th day of August, 2011 J U D G M E N T The petitioners are aggrieved by the proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) initiated by the respondents for recovery of defaulted loan amounts. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek facility to pay off the amount in instalments. 2. This is opposed by the learned counsel for the Bank. 3. Having heard both sides, I am of opinion that the respondents can show some more leniency to the petitioners in the matter of payment of the balance amount due in instalments. Accordingly, this writ petition is disposed of with a direction to the respondents to permit the petitioners to pay off the balance amount due in 10 (ten) W.P.(C)No.21224 of 2011 -2- equal monthly instalments starting from 01.09.2011. 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. 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. Sd/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/