IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 2ND AUGUST 2011 / 11TH SRAVANA 1933 WP(C).No. 17613 of 2011(B) ---------------------------------- PETITIONER(S): ------------------- 1. MOHANACHANDRAN.G.P,AGED 49 YEARS, S/O.GOVINDAN,GOVIND MANDIR,PARAKODE, ADOOR, PATHANAMTHITTA. 2. AMBUJA MOHAN,AGED 45 YEARS, W/O.MOHANAN,GOVIND MANDIR,PARAKODE, ADOOR, PATHANAMTHITTA. BY ADVS. SRI.A.T.ANILKUMAR SMT.V.SHYLAJA RESPONDENT(S): -------------------- 1. M/S.HOUSING DEVELOPMENT FINANCE CORPORATION LTD., HDFC HOUSE, PB NO.1667, RAVIPURAM JUNCTION,KOCHI-15. 2. AUTHORIZED OFFICER,HOUSING DEVELOPMENT FINANCE CORPORATION LTD., HDFC HOUSE, PB NO.1667, RAVIPURAM JUNCTION,KOCHI-15. R1 SRI.K.K.CHANDRAN PILLAI, SENIOR ADVOCATE ADVS.SRI.A.S.SAJUSH PAUL SRI.THOMAS JAMES MUNDACKAL SRI.BOBBY THOMAS SRI.TONY THOMAS (INCHIPARAMBIL) THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/08/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: svs W.P.(C). NO. 17613/2011 APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF LAWYER NOTICE. P2: COPY OF THE SECTION 13(2) NOTICE. P3: COPY OF THE PAPER ADVERTISEMENT (MALAYALA MANORAMA DATED 10/06/2011). RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A. TO JUDGE. svs S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 17613 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 2nd day of August, 2011. J U D G M E N T The petitioner challenges proceedings under the Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 initiated by the respondents for recovery of loan amounts, repayment of which was defaulted by the petitioners. The petitioners do not dispute the liability to pay or the quantum. They only seek facility to pay of the balance amounts in instalments. This is opposed by the counsel for the respondents . 2. I have considered the rival contentions in detail. 3. This court passed an interim order on 1.7.201 directing the petitioners to pay Rs. 15 lakhs on or before 15.7.2011 and a further sum of Rs. 10 lakhs on or before 29.7.2011. Counsel for the petitioner submits that the first instalment of Rs. 15 lakhs has been paid, but because of the financial stringency, the petitioner could not pay the second instalment of Rs. 10 lakhs. The petitioner seeks some time to pay off the amounts. In the facts and circumstances of the case, I dispose of this writ petition with a direction to the respondents to permit the petitioners to pay the entire balance amount due under the loan in 8 monthly instalments starting from 1.9.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioners pay the instalment amounts on due dates without default, coercive recovery proceedings shall be kept in abeyance. However, if the W.P(C) No. 17613 of 2011 -: 2 :- petitioners commit default in payment of any one instalment, it would be open to the respondents to continue proceedings under the Act without having to issue any fresh notice or proceedings in that regard. Sd/- S. Siri Jagan, Judge. Tds/