IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 26TH AUGUST 2008 / 4TH BHADRA 1930 WP(C).No. 23544 of 2008(C) -------------------------- PETITIONER: ------------ SOBHA DILIP, DR.DILIP RAMANATHAN, 8C, KINGSWOOD, ARANGIL DAMODHARAN ROAD, WEST NADAKKAVU, CALICUT. BY ADV. SRI.AVM.SALAHUDIN SRI.SURESH SIVAPURAM RESPONDENTS: ------------- 1. HOUSING DEVELOPMENT FINANCE CORPORATION LTD., HDFC HOUSE, POST BOX NO. 1667, RAVIPURAM JUNCTION, M.G. ROAD, COCHIN. 2. THE MANAGER, HDFC BRANCH, SEIKEN CHAMBERS, KANNUR ROAD, CALICUT. 3. AUTHORIZED OFFICER, HDFC HOUSE, POST BOX NO. 1667, RAVIPURAM JUNCTION, M.G. ROAD, COCHIN. BY ADV. SRI.K.K.CHANDRAN PILLAI, SC, HDFC FOR R1 TO 3 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 26/08/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. SIRI JAGAN, J. ------------------------------------ W.P.(C)No.23544 OF 2008 ---------------------------------------- Dated this the 26th 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 respondents for recovery of loan amounts due from her to the 1st respondent bank. However, the petitioner does not dispute the liability to pay or the quantum. The petitioner now seeks only facility to pay off the amounts in instalments. 2. This is opposed by the learned Standing Counsel for the respondents. However taking a lenient view, I dispose of this writ petition with the following directions: The petitioner shall pay an amount of Rs.8 lakhs within one month from today. The balance amount shall be paid in six equal monthly instalments starting from 1.11.2008. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the initial amount of Rs.8 lakhs and the instalments in time without default, further W.P.(c) No.23544/08 2 proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of either the Rs.8 lakhs or any of the subsequent instalments, it would be open to the respondents to continue proceedings as now initiated without having to issue any fresh notice of proceedings in that regard. S. SIRI JAGAN, JUDGE Acd W.P.(c) No.23544/08 3