IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 29TH MAY 2008 / 8TH JYAISHTA 1930 WP(C).No. 14128 of 2008(F) -------------------------- PETITIONER: ------------ 1. M.K.ALI, S/O.MOHAMMED HAJI, AGED 59 YEARS, MANNILTHODI HOUSE, PALLIPADIKKAL, KEEZHUPARAMBA, AREEKODE, MALAPPURAM DISTRICT. 2. M.A.AYISHA, W/O.M.K.ALI, AGED 53 YEARS, DO. BY ADV. SRI.AVM.SALAHUDIN RESPONDENTS: ------------- 1. HOUSING DEVELOPMENT FINANCE CORPORATION LTD., HDFC HOUSE, 3RD FLOOR, RAVIPURAM JUNCTION, M.G.ROAD, COCHIN REPRESENTED BY ITS JUNIOR OFFICER (RECOVERY). 2. AUTHORISED OFFICER, HOUSING DEVELOPMENT FINANCE CORPORATION LTD., HDFC HOUSE, 3RD FLOOR, RAVIPURAM JUNCTION, M.G.ROAD, COCHIN. 3. THE MANAGER, HOUSING DEVELOPMENT FINANCE CORPORATION LTD., NADAKKAVU, (EARLIER AT MAVOOR ROAD), KOZHIKODE. 4. THE DISTRICT MAGISTRATE, MALAPPURAM. 5. TAHSILDAR, ERNAD TALUK, MALAPPURAM. BY ADV. SRI.K.K.CHANDRAN PILLAI, SC, HDFC FOR R1 TO 3 GP. SRI. I.V. PRAMOD THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29/05/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J = = = = = = = = = = = = = = = = W.P.(C).No. 14128 OF 2008 = = = = = = = = = = = = = Dated this the 29th day of May, 2008. J U D G M E N T The petitioners are defaulters in repayment of loan amounts due from them to the 1st respondent bank. The bank has initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, for recovery of the loan amounts. Although the petitioners challenge the proceedings, they now only seek facility to pay the amounts in installments. This is opposed by the counsel for the 1st respondent. 2. After hearing both sides, I feel that the petitioners can be given some time to pay off the amounts in installments. 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, The balance amount shall be paid in 6 equal monthly installments starting from 1.8.2008. Every subsequent installment shall be paid on the first working day of W.P.(C).No. 14128 OF 2008 2 every succeeding month. If the petitioner pays the amounts in time as directed above, further proceedings for coercive proceedings shall be kept in abeyance. However, if the petitioner commits default in payment of either the Rs.75,000/- or any of the installments on due dates, it would be open to the respondents to continue proceedings as now initiated without having issue any fresh notice or proceedings in that regard. On payment of Rs.75,000/-, the 1st respondent shall issue a statement of accounts to the petitioner giving the calculation of amounts due from the petitioners to the bank. The writ petition is disposed of as above. S.SIRI JAGAN, JUDGE bkn/- W.P.(C).No. 14128 OF 2008 3