IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 27TH AUGUST 2008 / 5TH BHADRA 1930 WP(C).No. 25833 of 2008(A) -------------------------- PETITIONER: --------------- RAJESHKUMAR, AGED 32 YEARS, S/O.CHANDRASEKHARAN NAIR, NOW RESIDING AT "ABHINAVAM", PATTANAKKAD, CHERTHALA. BY ADV. SRI.N.K.MOHANLAL RESPONDENTS: ------------- 1. AUTHORISED OFFICER, HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED, HDFC HOUSE, 3RD FLOOR, RAVIPURAM, M G ROAD, KOCHI. 2. DISTRICT MAGISTRATE, ALAPPUZHA. BY ADV. SRI.K.K.CHANDRAN PILLAI, (SC-HDFC FOR R1) GOVERNMENT PLEADER SRI.I.V.PRAMOD THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27/08/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J ================== W.P(C)No.25833 of 2008 ================== Dated this the 27th day of August, 2008. J U D G M E N T The petitioner is challenging proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, initiated by the respondents for coercive recovery of loan amounts due from the petitioner. However, the petitioner does not dispute the liability to pay or the quantum. He only seeks some time to pay off the amounts due. This is opposed by the Counsel for the respondents , who would submit that in spite of granting several opportunities, the petitioner has not cared to pay the amounts due and therefore the petitioner is not entitled to any further indulgence in the matter. 2. After hearing both sides, I feel that the some more leniency can be shown to the petitioner. Accordingly, the writ petition is disposed of with the following directions: The petitioner shall pay an amount of Rs. 75,000/- within one month from today and the balance amount shall be paid in six equal monthly instalments starting from 1.11.2008. Every subsequent instalment shall be paid on first working day of W.P(C)No.25833 of 2008 - 2 - every succeeding month. If the petitioner pays the initial amount of Rs. 75,000/- and the subsequent instalments on the due dates, further recovery proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of either the Rs.75,000/- or any of the subsequent intalments, 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 rhs