IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 14TH OCTOBER 2009 / 22ND ASWINA 1931 WP(C).No. 23446 of 2009(A) -------------------------- CMP.4636/2009 of C.J.M., ALAPPUZHA .................... PETITIONER(S): --------------- 1. RAMAKRISHNA PANICKER, AGED 54 YEARS, S/O.LATE GOVINDA PANICKER, PADINJAREMADATHIL HOUSE, VELLANKULANGARA, HAIRPAD P.O., ALAPPUZHA DISTRICT, KERALA. 2. YAMUNA UNNI, `AMBADI', AKAMKUDI P.O., NANGYARKULANGARA, HARIPPAD, KERALA. BY ADV. SRI.R.MANOJ SMT.SINDHU MANOJ RESPONDENT(S): --------------- 1. DEWAN HOUSING FINACE CORPORATION LIMITED, HAVING ITS OFFICE AT DHEERAJ ARMA, 6TH FLOOR, ANANT KANEKAR MARG, BANDRA (E), MUMBAI. 2. THE AUTHORISED OFFICER, DEWAN HOUSING FINANCE CORPORATION LIMITED, 1ST FLOOR, K.M.M.BUILDING, PALARIVATTOM, COCHIN. 3. THE AUTHORISED OFFICER, DEWAN HOUSING FINANCE CORPORATION LIMITED, 2ND FLOOR, GOVINDAM BUILDING, OPP.MUNICIPALITY OFFICE, MAVELIKKARA. ADV. SRI.P.PAULOCHAN ANTONY FOR R1 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 14/10/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J. ================== W.P(C).No.23446 of 2009 ================== Dated this the 14th day of October, 2009 J U D G M E N T The petitioners are defaulters in repayment of loan amounts due from them to the 1st respondent. Therefore, the respondents initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, which is under challenge in this writ petition. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek facility to regularise the loan account and permit them to continue to pay the EMIs on the due dates as per the loan agreement. 2. The learned counsel for the respondents submits that in order to regularise the loan account the petitioners have to pay Rs.1,23,000/-. The petitioners seek instalment facility to pay the said amount. 3. Having considered the submissions on both sides, this writ petition is disposed of with the following directions: The petitioners shall pay the amount of Rs.1,23,000/- required for regularisation of the loan account in four equal monthly instalments on 1.11.2009, 1.12.2009, 1.1.2010 and 1.2.2010, along with the interest due thereon upto the date of payment and the EMIs for those months as per the loan agreement. If the petitioners pay the same as 2 directed above, the respondents shall regularise the petitioners' loan account and allow the petitioners to continue to pay the EMIs in accordance with the loan agreement. If the petitioners pay the above said amounts and future EMIs on the due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioners commit default in complying with any of the above directions, 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/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge