IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 17TH NOVEMBER 2011 / 26TH KARTHIKA 1933 WP(C).No. 29428 of 2010(C) ------------------------------------ PETITIONER : -------------------- SARADA BHASKARAN, W/O.BHASKARAN, ORUVIL HOUSE, AMBALAPURAM, PERINGANDOOR, ATHANI POST, THRISSUR-680 581. BY ADV. SRI.C.A.ANOOP RESPONDENT(S): ------------------------ 1. AIG GOME FINANCE INDI LTD., FORMERLY WEIZMANN HOMES LTD., 37/3450, 2ND FLOOR, KALYANI TOWER, DESHABHIMANI JUNCTION, KALOOR, KOCHI-17. 2. THE AUTHORISED OFFICER, AIG GOME FINANCE INDI LTD., FORMERLY WEIZMANN HOMES LTD., 37/3450, 2ND FLOOR, KALYANI TOWER, DESHABHIMANI JUNCTION, KALOOR, KOCHI-17. R1 TO R2 BY ADV. SRI.RAJESH THOMAS THIS WRIT PETITION (CIVIL) HAVING FINALLY BE HEARD ON 17/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: RKM WP(C).No. 29428 of 2010(C) APPENDIX PETITIONER'S EXHIBITS : P1 : COPY OF THE NOTICE DATED 27.08.2009 ISSUED BY THE RESPONDENT. P2 : COPY OF THE POSSESSION NOTICE DATED 25.06.2010 ISSUED BY THE RESPONDENT. RESPONDENT'S EXHIBITS : NIL /TRUE COPY/ PA TO JUDGE RKM S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.29428 of 2010 ---------------------------------------------- Dated this the 17th day of November, 2011 JUDGMENT The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondents for recovery of the loan amounts due from the petitioner to the respondents. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amounts due in instalments. 2. This is opposed by the learned counsel for the AIG Home Finance India Limited. However, taking a lenient view, I dispose of this writ petition with the following directions: The respondents shall permit the petitioner to pay off the balance amount due in ten equal monthly instalments starting from 1.12.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner W.P.(C)No.29428/10 2 pays the instalments on due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of any one of the instalments, 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. S. SIRI JAGAN, JUDGE acd W.P.(C)No.29428/10 3