IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 10TH AUGUST 2011 / 19TH SRAVANA 1933 WP(C).No. 21443 of 2011(E) ------------------------------------- PETITIONER(S): ------------------- PURUSHOTHAMAN.A,AGED 50 YEARS, KOODATHNPOLAYIL,CHERUKAD,CALICUT. BY ADV. SRI.M.B.PRAJITH RESPONDENT(S): ------------------------- 1. THE AUTHORIZED OFFICER,AIG HOME FINANCE INDIA LTD,(FORMERLY WEIZMEN HOMED LTD),IST FLOOR, MNS AVENUE,OPPOSITE YMCA,KANNUR ROAD, KOZHIKODE-673001. 2. AIG HOME FINANCE INDIA LTD,(FORMERLY WEIZMEN HOMES LTD),IST FLOOR,MNS AVENUE,OPPOSITE YMCA,KANNUR ROAD,KOZHIKODE-673001,REPRESENTED BY ITS BRANCH MANAGER. 3. INDO PACIFIC HOUSING FINANCE LIMITED, (FORMERLY AIG HOME FINANCE INDIA LTD)(FORMERLY WEIZMEN HOMES LTD),2ND FLOOR,CITI TOWER,117,SIR THYAGARAJA ROAD,T.NAGAR,CHENNAI-600017,REP.BY ITS MANAGER. R1 TO R3 BY ADV. SRI.RAJESH THOMAS THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 10/08/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss W.P.(C) NO. 21443/2011 APPENDIX PETITIONER'S EXHIBITS P1:- COPY OF THE NOTICE DTD. 14.9.2009 ISSUED BY THE IST RESPONDENT UNDER SECTIN 13(2) OF THE SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002. P2:- COPY OF THE ANNUAL STATEMENT DTD. 7.6.2011 ISSUED BY THE 3RD RESPONDENT. P3:- COPY OF THE NOTICE ISSUED BY THE COMMISSIONER APPOINTED BY THE CHIEF JUDICIAL MAGISTRATE COURT, KOZHIKODE. RESPONDENT'S EXHIBITS NIL:- TRUE COPY P.A. TO JUDGE tss S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No. 21443 OF 2011 ---------------------------------------------- Dated this the 10th day of August, 2011 JUDGMENT The petitioner challenges proceedings initiated by the respondents under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act for recovery of loan amounts due from the petitioner to the respondents. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amounts in instalments. 2. This is opposed by the learned counsel for the respondents. 3. However, taking a lenient view, I dispose of this writ petition with the following directions: The respondents shall permit the petitioner to pay off the amounts due in ten 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 instalments on due dates without default, further proceedings W.P.(C)No.21443/11 2 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. S. SIRI JAGAN, JUDGE acd W.P.(C)No.21443/11 3