IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 19TH AUGUST 2011 / 28TH SRAVANA 1933 WP(C).No. 20882 of 2011(I) --------------------------------------- PETITIONER(S): ------------------------ SURESH KUMAR C, MILK MUNIAPPARA BUILDING IITH CROSS ROAD, K.G. HILL, BANGALORE, REPRESENTED BY HIS POWER OF ATTORNEY HOLDER SREEKUMARAN PILLAI SREE RAGAM, PULLIKANKAKKU P.O, KAYAMKULAM, ALAPPUZHA. BY ADV. SRI.O.D.SIVADAS RESPONDENT(S): -------------------------- 1. THE AUTHORISED OFFICER, HOUSING DEVELOPMENT FINANCE CORPORATION LTD HDFC HOUSE, VAZHUTHAKKAD, THIRUVANANTHAPURAM-695 001. 2. THE RESERVE BANK OF INDIA REPRESENTED BY DEPUTY MANAGER BAKERY JUNCTION, THIRUVANANTHAPURAM-695 001. R1 BY SRI.K.K.CHANDRAN PILLAI, SENIOR ADVOCATE, ADV. SRI.A.S.SAJUSH PAUL. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19/08/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: rs WP(C).No. 20882 of 2011(I) APPENDIX PETITIONER'S EXHIBITS: EXT.P1: COPY OF THE STATEMENT OF ACCOUNTS ISSUED BY THE HDFC LTD. EXT.P2: COPY OF THE NOTICE DATED 16/07/2008 ISSUED UNDER SECTION 13(2) OF THE ACT. EXT.P3: COPY OF THE NOTICE DATED 07/03/2011 ISSUED UNDER SECTION 13(4) OF THE ACT. EXT.P4: COPY OF THE NOTICE DATED 24/06/2011 ISSUED BY THE RESPONDENT. EXT.P5: COPY OF THE DEMAND DRAFT DATED 04/07/2011 TO THE BANK. RESPONDENT'S EXHIBITS: //TRUE COPY// P.S. TO JUDGE rs S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 20882 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 19th day of August, 2011. J U D G M E N T The petitioner is a defaulter in repayment of loan amounts due to the respondent. The respondent has 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 petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amounts in instalments. This is opposed by the counsel for the respondent. However, taking a lenient view, I dispose of this writ petition with a direction to the respondent to permit the petitioner to pay off the amounts due in 10 equal monthly instalments starting from 1.9.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the instalment amounts on due dates without default, proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of any one instalment, it would be open to the respondent to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Sd/- S. Siri Jagan, Judge. Tds/