IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM THURSDAY, THE 10TH SEPTEMBER 2009 / 19TH BHADRA 1931 WP(C).No. 25351 of 2009(L) -------------------------- CRMP.4054/2009 of C.J.M.,THRISSUR .................... PETITIONER(S): --------------- NANDAKUMAR.K., AGED 51, S/O.P.NARAYANA MENON, PARANGODATH HOUSE, PURANATUKARA P.O., THRISSUR. BY ADV. SRI.G.SREEKUMAR (CHELUR) SMT.PREETHY KARUNAKARAN SRI.K.RAVI (PARIYARATH) RESPONDENT(S): --------------- 1. THE HOUSING DEVELOPMENT FINANCE CORPORATION LTD., REP. BY ITS BRANCH MANAGER, HDFC HOUSE, POST BAG NO.1667, RAVIPURAM JUNCTION, M.G. ROAD, KOCHI. 2. THE AUTHORISED OFFICER, THE HOUSING DEVELOPMENT FINANCE CORPORATION LTD., HDFC HOUSE, POST BAG NO.1667, RAVIPURAM JUNCTION, M.G. ROAD, KOCHI. ADV.SRI.K.K. CHANDRAN PILLAI, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 10/09/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.K.ABDUL REHIM, J. ------------------------------ W.P.(C).No.25351 OF 2009 ------------------------------ Dated this the 10th day of September, 2009 J U D G M E N T ---------------------- 1. The petitioner availed a housing loan from the 1st respondent to the tune of Rs.2,25,000/- in the year 2003. Since repayments in the loan account was defaulted, the respondents initiated proceedings under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 (SARFAESI Act). It is submitted that the authorised officer had already approached the Magistrate Court and an Advocate Commissioner was appointed to take over possession of the secured assets. Ext.P3 is the notice issued by the Advocate Commissioner requesting the petitioner to hand over possession of the secured assets. Limited prayer in this writ petition is to grant time for payment of the entire balance outstanding, in installments. 2. Heard Standing Counsel for the respondents. It is submitted that the loan was availed as early as in the year 2003 and there is chronic default in repayment. It is further submitted that the balance outstanding as on 7.9.2009 is Rs.2,58,981/-. Learned counsel for respondent opposed granting installment facility. 3. Having considered the rival contentions, I am of the W.P.(C).25351/09 2 opinion that since the petitioner had conceded the liability and expressed his willingness to pay off the arrears and since the limited prayer is only to grant installment facility, some indulgence can be shown in the matter. 4. Accordingly the writ petition is disposed of directing the petitioner to make payment of an amount of Rs.50,000/- on or before 10th October, 2009. On such payment being received the 1st respondent Bank shall furnish him with a detailed statement showing balance outstanding as on that date, after crediting all payments. The petitioner shall make payment of the balance amount so intimated, in six equal monthly installments starting from 10.11.2009 and on the 10th day of every succeeding months. 5. It is made clear that the installment facility granted as above is subject to condition that petitioner is precluded from raising any further challenge before this Court or any other Forum, against the proceedings initiated under the provision of SARFAESI Act. It is further made clear that on failure to pay the initial amount or any of the installments, the Bank will be free to proceed against the secured assets as permissible under law, without any further notice. C.K.ABDUL REHIM, JUDGE. okb