IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 7TH AUGUST 2008 / 16TH SRAVANA 1930 WP(C).No. 23859 of 2008(M) -------------------------- PETITIONER: --------------- BINDU.S.S., W/O.RADHAKRISHNA PILLAI, SREELAKSHMI, KOTTUKAL P.O., BALARAMAPURAM, THIRUVANANTHAPURAM. BY ADV. SRI.R.PADMARAJ SRI.N.P.SETHU RESPONDENT: ------------------- SENIOR MANAGER, HDFC BANK, HDFC HOUSE, VAZHUTHAKKAD, P.B.NO.2288, THIRUVANANTHAPURAM, PIN - 695 010. BY SRI. K.K. CHANDRAN PILLAI - SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 07/08/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. SIRI JAGAN, J. ------------------------------------ W.P.(C)No.23859 OF 2008 ---------------------------------------- Dated this the 7th day of August, 2008 JUDGMENT The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, initiated by the respondent for recovery of loan amounts due from the petitioner to the respondent. However, the petitioner does not dispute the liability to pay or the quantum. The petitioner only wants time to pay off the amounts in instalments. 2. The learned Standing Counsel appearing for the respondent submits that even the date for payment of the last instalment of the loan instalments as per the original loan agreement itself has already expired in so far as the loan was of the year 1999. He further submits that the balance amount due would come to about Rs.2,55,000/- (Rupees two lakhs fifty five thousand only). 3. Having heard both sides, I feel that the petitioner can be given facility to pay off the amounts in instalments provided W.P.(c)no.23859/08 2 the petitioner pays a lumpsum amount immediately. In the above circumstances, the writ petition is disposed of as follows: The petitioner shall pay an amount of Rs.50,000/- (Rupees fifty thousand only) within one month from today. The balance amount shall be paid in six equal monthly instalments starting from 3.10.2008. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the initial amount of Rs.50,000/- and the subsequent instalments on the due dates, further recovery proceedings under the Act shall be kept in abeyance. However, if the petitioner defaults in payment of the initial amount of Rs.50,000/- or any of the subsequent instalments, 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. S. SIRI JAGAN, JUDGE Acd W.P.(c)no.23859/08 3