IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 25TH OCTOBER 2011 / 3RD KARTHIKA 1933 WP(C).No. 28277 of 2011(H) ------------------------------------- CMP.474/2011 of C.J.M.PALAKKAD ............................................. PETITIONER(S): ----------------------- SUNILKUMAR,AGED 38 YEARS, S/O.SOMASUNDARAN NAIR, ASWATHY,POKKUNY,VADAVANNUR POST,PALAKKAD BY ADVS. SRI.R.MANOJ SMT.SINDHU MANOJ SMT.SUSAN MATHEW RESPONDENT(S): ------------------------ 1. THE HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED,RAMAN HOUSE, 169 BACK BAY RECLAMATION,MUMBAI-400 020 REPRESENTED BY ITS AUTHORISED OFFICER, E.L.DANIEL,H.D.F.C HOUSE NO.29,KAMARAJ ROAD (NEAR CIRCUIT HOUSE) COIMBATORE-18 2. THE AUTHORIZED OFFICER, (E.L-DANIEL,H.D.F.C. HOUSE NO.29, KAMARAJ ROAD,(NEAR CIRCUIT HOUSE, COIMBATORE-18 BY SR.ADV. SRI.K.K.CHANDRAN PILLAI, ADV. SRI.A.S.SAJUSH PAUL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: AV WPC.NO.28277/2011 APPENDIX PETITIONER(S) EXHIBITS : EXT.P1: COPY OF THE LOAN SANCTION LETTER DATED 17.01.2005 EXT.P2: COPY OF THE COMMUNICATION ISSUED TO THE PETITIONER DATED 01.02.2006 EXT.P3: COPY OF THE NOTICE ISSUED TO THE PETITIONER DATED 28.07.2010 EXT.P4: COPY OF THE ORDERS OF THE CHIEF JUDICIAL MAGISTRATE COURT, PALAKKAD. RESPONDENTS' EXHIBITS : NIL /TRUE COPY/ P.A. TO JUDGE AV S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.28277 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 25th day of October, 2011 J U D G M E N T The petitioner is aggrieved by the proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) initiated by the respondents for recovery of defaulted loan amounts. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amount in instalments. 2. This is opposed by the learned counsel for the Bank. 3. Having heard both sides, I am of opinion that the respondents can show some more leniency to the petitioner in the matter of payment of the balance amount due in instalments. Accordingly, this writ petition is disposed of with a direction to the respondents to permit the petitioner to pay off the balance amount due in 10 (ten) equal monthly W.P.(C)No.28277 of 2011 -2- instalments starting from 01.12.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner 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. Sd/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/