IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN SATURDAY, THE 19TH NOVEMBER 2011 / 28TH KARTHIKA 1933 WP(C).No. 30841 of 2011(E) -------------------------------------- PETITIONER: ------------------- SYAMNATH V.S, BELL VILLA,NALANDA JUNCTION, T.C 11/625/1, NANTHANCODE, THIRUVANANTHAPURAM- 695 003. BY ADVS. SRI.D.PEETHAMBARAN, SRI. B.S. PRASAD GANDHI. RESPONDENT: ---------------------- H D F C BANK LTD.,TC 25/2344, PREMIER TOWERS, AYURVEDA COLLEGE JUNCTION, M.G ROAD, THIRUVANANTHAPURAM- 695 001,REPRESENTED BY ITS AUTHORIZED OFFICER. BY ADV. SRI. T. RAJESH, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19/11/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C).NO.30841/2011-E: APPENDIX PETITIONER'S EXHIBITS:- EXHIBIT P1. TRUE COPY OF LETTER DATED 15.7.2009 ISSUED BY THE RESPONDENT TO THE PETITIONER. EXHIBIT P2. TRUE COPY OF NOTICE DATED 4.12.2010 RECEIVED BY THE PETITIONER FROM THE COUNSEL OF THE RESPONDENT BANK. EXHIBIT P3. TRUE COPY OF STATEMENT OF ACCOUNTS DATED 8.11.2011 ISSUED TO THE PETITIONER BY THE RESPONDENT BANK. EXHIBIT P4. TRUE COPY OF LETTER DATED 5.3.2011 ISSUED BY THE RESPONDENT TO THE PETITIONER. EXHIBIT P5. TRUE COPY OF DEMAND NOTICE DATED 11.12.2011 ISSUED BY THE AUTHORISED OFFICER OF RESPONDENT BANK TO THE PETITIONER UNDER SECTION 13(2) OF SARFAESI ACT, 2002. EXHIBIT P6. TRUE COPY OF NOTICE DATED 14.2.2011 ISUED BY THE COUNSEL OF RESPONDENT BANK TO THE PETITIONER. RESPONDENT'S EXHIBITS:- NIL. //TRUE COPY// P.A. TO JUDGE Prv. S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.30841 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 19th day of November, 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 respondent 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 respondent. 3. Having heard both sides, I am of opinion that the respondent 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 respondent to permit the petitioner to pay off the balance amount due in 8 (eight) equal monthly instalments starting from 01.12.2011. Every subsequent W.P.(C)No.30841 of 2011 -2- 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 respondent 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/