IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 26TH AUGUST 2008 / 4TH BHADRA 1930 WP(C).No. 25695 of 2008(H) -------------------------- PETITIONER: ------------ ARAVINDAKSHAN PILLAI.G CHITHIRA (GEETHA BHAVAN) VATHIKULAM, MAVELIKKARA. BY ADV. SMT.S.MUMTAZ RESPONDENTS: ------------- 1. HDFC LTD ,KOTTAYAM BRANCH REP. BY ITS RESIDENT MANAGER HDFC BANK, KOTTAYAM. 2. THE AUTHORISED OFFICER HDFC LTD , HDFC HOUSE, PB NO. 1667 RAVIPURAM JN ERNAKULAM. BY ADV. SRI. K.K. CHANDRAN PILLAI. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 26/08/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W. P (C) No. 25695 of 2008 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 26th August, 2008. J U D G M E N T The petitioner defaulted repayment of loan amounts due to the 1st respondent-Bank. The 1st respondent initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. They are due to take possession of the security interest tomorrow. The petitioner challenges proceedings under the Act in this writ petition. 2. The petitioner does not now dispute the liability to pay or the quantum. The petitioner only seeks time to pay the same. This is opposed by the learned counsel for the Bank. He would submit that the petitioner is a chronic defaulter and 20 cheques issued by him had been dishonoured by the Bank. He would further submit that even if this Court is inclined to take a lenient view to avoid taking over possession, the petitioner may be directed to pay a substantial amount. Having heard both sides, I feel that some leniency can be shown to the petitioner to permit the petitioner to pay the amounts in instalments. Accordingly, the writ petition is disposed of with the following directions: If the petitioner pays an amount of Rs. 1,00,000/- immediately, taking over possession shall be deferred. The balance amount shall be pad in six equal monthly instalments starting from 1-11-2008. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the above amounts without default, further proceedings shall be kept in abeyance. If the petitioner commits default in payment of either Rs. 1 lakh or any of the subsequent instalments as directed above, it would be open to the W.P.C. No. 25695/08. -: 2 :- 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/ [True copy] P.S to Judge.