IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 22ND MAY 2009 / 1ST JYAISHTA 1931 WP(C).No. 13727 of 2009(I) -------------------------- PETITIONER: --------------- RAJAN.A.K., ARIKATHIL HOUSE, MULAKULAM SOUTH, VAIKKOM, KOTTAYAM. BY ADV. SMT.S.MUMTAZ RESPONDENT: -------------------- THE HOUSING DEVELOPMENT FINANCE CORPORATION LTD., REP.BY THE AUTHORISED OFFICER,HDFC HOUSE, POST BAG NO.1667,RAVIPURAM JN, KOCHI-15. ADV. MR. K.K. .CHANDRAN PILLAI, SC, HDFC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/05/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ........................................................................ W.P.(C) No. 13727 OF 2009 ......................................................................... Dated this the 22nd May, 2009 J U D G M E N T The petitioner has approached this Court challenging the proceedings initiated by the respondent under the relevant provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, when the petitioner turned to be a chronic defaulter in the matter of repayment of the loan availed by him. 2. The learned Standing Counsel appearing for the respondent, on instruction, submits that for the past 18 months, absolutely no amount has been paid by the petitioner towards the loan amount and that the respondent has also come to note that the petitioner, who was having a secured employment has sought for voluntary retirement and has gone out from the service, obtaining all the benefits payable thereunder, while the loan facility was extended to the petitioner also on the basis of the employment of the petitioner. W.P.(C) No. 13727 OF 2009 2 3. After considering the facts and figures, this Court finds that it is only fit and proper to have the matter finally disposed of, particularly taking note of the submission of the petitioner that he is ready to wipe out the entire liability within no time. In the said circumstances, the petitioner is hereby directed to pay a sum of Rs. One lakh, on or before 31.05.2009 and the balance amount shall be cleared by way of five equal monthly instalments commencing from 20.06.2009. It is also made clear that if the petitioner commits any default in making the instalments, as aforesaid, the respondent will be at liberty to proceed against the petitioner and to realise the entire amount in a lumpsum. The Writ Petition is disposed of as above. P.R. RAMACHANDRA MENON, JUDGE. lk