IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 21ST AUGUST 2008 / 30TH SRAVANA 1930 WP(C).No. 23467 of 2008(R) ------------------------------------- PETITIONER: PETITIONER --------------------------------------- K.M.HASSAINAR, JAMALIYA TIMBER WORKS, BADIADKA ROAD, SANTHIPALLA, KUMBLA, KASARGOD DISTRICT. BY ADV. SRI.LATHEESH SEBASTIAN RESPONDENTS: RESPONDENTS ---------------------------------------------- 1. SUB DIVISIONAL MAGISTRATE, KASARGOD. 2. H.D.F.C.BANK LTD., REPRESENTED BY ITS ASSISTANT GENERAL MANAGER, CIRCLE OFFICE NORTH, KODUNGALLUR 680 664. 3. THE AUTHORISED OFFICER, UNDER THE SARFAESI ACT, HDFC BANK LTD., CIRCLE OFFICE NORTH, KODUNGALLOOR 680 664. BY GOVERNMENT PLEADER SRI. M.R. SABU. ADV. SRI.P.B.SURESH KUMAR FOR R3 THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 21/08/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 23467 of 2008(R) -3- APPENDIX PETITIONER'S EXHIBITS: EXT.P1 - TRUE COPY OF THE NOTICE ISSUED BY THE NORTH REGIONAL OFFICE OF CENTURIAN BANK OF PUNJAB DATED 26.4.2008. EXT.P2 - TRUE COPY OF THE REPLY OF THE PETITIONER. EXT.P3 - TRUE COPY OF THE LETTER OF THE 3RD RESPONDENT DATED 4.7.2008. EXT.P4 - TRUE COPY OF THE LETTER OF THE PETITIONER DATED 9.7.2008. EXT.P5 - TRUE COPY OF THE LETTER OF THE 3RD RESPONDENT DATED 16.7.2008. /TRUE COPY/ PA TO JUDGE rhs S.SIRI JAGAN, J ================== W.P(C)No.23467 of 2008 ================== Dated this the 21st 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 2 and 3 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 2 and 3, who would submit that in spite of granting several opportunities, the petitioner has not cared to pay 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. 15 lakhs 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.23467 of 2008 - 2 - every succeeding month. If the petitioner pays the initial amount of Rs. 15 lakhs 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. 15 lakhs 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