IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 25TH OCTOBER 2011 / 3RD KARTHIKA 1933 WP(C).No. 33040 of 2010(D) -------------------------------------- PETITIONER(S): ---------------------- 1. PONNAPPAN, S/O.SUKUMARAN, AGED 50 YEARS, ARUN NIVAS, ERAVUKADU WARD, THIRUVAMPADY.P.O. ALAPPUZHA. 2. VIJAYAMMA, W/O.PONNAPPAN, AGED 46 YEARS, OF DO. DO. BY ADVS. SRI.K.S.HARIHARAPUTHRAN SRI.GEORGE MATHEW RESPONDENT(S): ------------------------ 1. DIWAN HOUSING FINANCE CORPORATION LTD., WARDEN HOUSE, 2ND FLOOR, SIR P.M.ROAD, FORT, MUMBAI-400 001 AND BRANCH OFFICE AT FIRST FLOOR, K.M.BUILDING, PALARIVATTOM, KOCHI-682 025, REP.BY ITS AUTHORISED OFFICER. 2. AUTHORISED OFFICER, DIWAN HOUSING FINANCE CORPORATION LTD., BRANCH OFFICE AT FIRST FLOOR, K.M.BUILDING, PALARIVATTOM, KOCHI-682 025. R1 & R2 BY ADV. SRI.P.PAULOCHAN ANTONY THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: AV WPC.NO.33040/2010 APPENDIX PETITIONER'S EXHIBITS : P1 : COPY OF NOTICE DATED 23-10-2009 BY RESPONDENTS TO 1ST PETITIONER. P2 : COPY OF RECEIPT DATED 31-10-2009. RESPONDENT'S EXHIBITS : NIL /TRUE COPY/ P.A. TO JUDGE AV S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 33040 of 2010 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 25th day of October, 2011. J U D G M E N T The petitioners are defaulters in repayment of loan amounts due to the respondents. The respondents have initiated proceedings under the Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for recovery of the same, which is under challenge in this writ petition. However, the petitioners do not dispute the liability to pay or the quantum. They only seek facility to pay off the amounts in instalments. This is opposed by the counsel for the respondents. However, taking a lenient view, I direct the petitioners to pay the amounts demanded in eight monthly instalments starting from 1.12.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioners pay the amount on the due dates without default, further coercive recovery proceedings shall be kept in abeyance. However, if the petitioners commit default in paying any one instalment, 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. Tds/