IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 31ST AUGUST 2011 / 9TH BHADRA 1933 WP(C).No. 23275 of 2011(H) ----------------------------------- PETITIONER(S): --------------- JANARDHANAN,S/O.ACHUTHAN, AGED 70 YEARS,MANNAMKUDY HOUSE, NADUVATTOM,KANNIMANGALAM, KALADY,ERNAKULAM DISTRICT. BY ADV. SRI.BABU S. NAIR RESPONDENT(S): --------------- 1. THE AUTHORIZED OFFICER(SARFAESI ACT), H.D.F.C BANK LIMITED,S.L.PLAZA, PALARIVATTOM,COCHIN-PIN 682 025. 2. THE H.D.F.C BANK LIMITED, REPRESENTED BY THE BRANCH MANAGER, S.L.PLAZA,PALARIVATTOM,COCHIN-PIN 682 025. ADV. SRI.T.RAJESH, SC, HDFC BANK LTD. FOR R1 & 2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 31/08/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 23275 of 2011(H) APPENDIX PETITIONER'S EXHIBITS EXT.P1: COPY OF POSSESSION NOTICE ISSUED TO THE PETITIONER DATED 16.8.2011 BY R1. RESPONDENTS' EXHIBITS : NIL TRUE COPY PA TO JUDGE. acd S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.23275 OF 2011 ---------------------------------------------- Dated this the 31st day of August, 2011 JUDGMENT The petitioner availed of a loan from the 2nd respondent bank for purchasing a Hydraulic Excavator. Repayment of the loan has fell in arrears. The respondents have initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act and attached the Hydraulic Excavator. It is under the above circumstances, the petitioner has approached this Court challenging the proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act. The petitioner submits that the petitioner only seeks instalment facility and handing over possession of the Hydraulic Excavator without use of which the petitioner cannot raise the money for repayment of the loan amount. 2. This is opposed by the learned counsel for the bank, who submits that the Excavator is the security now in the hands of the bank for recovery of the money from the petitioner and W.P.(C)No.23275/11 2 therefore, it cannot be parted with now. 3. Having heard both sides, I dispose of this writ petition with the following directions: The respondents shall permit the petitioner to pay off the balance amount due under the loan in ten equal monthly instalments starting from 1.10.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. The Excavator shall be released to the petitioner on the petitioner furnishing sufficient property security to the respondents to their satisfaction. If the petitioner pays the instalments on due dates without default and furnishes the security as directed above, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in furnishing the security or default in payment of any one instalment, 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. The petitioner shall also undertake that if any instalment is defaulted, the petitioner shall surrender the Excavator voluntarily before the respondents. If W.P.(C)No.23275/11 3 the petitioner fails to surrender the Excavator as directed above, it would be open to the respondents to move this Court for proceeding under the Contempt of Court Act. S. SIRI JAGAN, JUDGE acd W.P.(C)No.23275/11 4