IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 21ST MAY 2008 / 31ST VAISAKHA 1930 WP(C).No. 14249 of 2008(U) -------------------------- PETITIONERS: ----------------------- 1. THIRUCHELLA SAMI,AGED 49 YEARS, S/O.CHELLAPPAN,THENGUVILA VEEDU, KONAM,KUZHITHURA P.O., KANYAKUMARI DISTRICT. 2. SUJATHA,AGED 43 YEARS, W/O.THIRUCHELLA SWAMY, THENGUVILA VEEDU, KONAM,KUZHITHURA P.O., KANYAKUMARI DISTRICT. BY ADV. SRI.T.N.SURESH SRI.ROY THOMAS RESPONDENTS: ------------------------ 1. STATE OF KERALA, TO BE REP.BY THE SECRETARY, THIRUVANANTHAPURAM. 2. THE MANAGER,HDFC, POST BAG NO.2288, VAZHUTHAKAD, THIRUVANANTHAPURAM. 3. SREEKUMARAN NAIR M.S., AUTHORISED OFFICER,HDFC, VAZHUTHAKAD,THIRUVANANTHAPURAM. BY GP SRI.I.V.PRAMOD SRI. K.K.CHANDRAN PILLAI, SC FOR HDFC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21/05/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J = = = = = = = = = = = = = = = = W.P.(C).No. 14249 OF 2008 = = = = = = = = = = = = = Dated this the 21st day of May, 2008. J U D G M E N T The petitioner, who has taken a housing loan from the 2nd respondent, is challenging proceedings initiated by respondents 2 and 3 under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for coercive recovery of the loan amounts. He does not dispute the liability to pay the amounts or the quantum. He only seeks indulgence of this Court for a direction to the 2nd and 3rd respondents to grant him some time to pay off the amounts in installments. 2. This is opposed by the standing counsel appearing for the 2nd and 3rd respondents. He would submit that as early as in 2004, the petitioner had promised to repay the entire balance outstanding amounts on or before 31.3.2004 and he has not cared to pay any amount since then. Petitioner did not dispute the said statement made by the standing counsel. All the same, I am inclined to take a lenient view in the matter. In the above W.P.(C).No. 14249 OF 2008 2 circumstances, the writ petition is disposed of with the following directions: The petitioner shall pay an amount of Rs. One Lakh within one month and another Rs. 1.5 Lakhs within another month. The balance amount due with interest thereon shall be paid in five equal monthly installments starting from 4.8.2008. Subsequent installments shall be paid on the 1st working day of every succeeding month. If the petitioner pays the above amounts promptly without default, further proceedings for sale of the properties of the petitioner shall be kept in abeyance. But if the petitioner fails to pay either the initial amounts or any of the installments on the due dates, it would be open to the 2nd and 3rd respondents to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. S.SIRI JAGAN, JUDGE bkn/-