IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE K.M.JOSEPH MONDAY, THE 6TH OCTOBER 2008 / 14TH ASWINA 1930 WP(C).No. 29422 of 2008(C) -------------------------- PETITIONER(S): --------------- SULAIMAN RAWTHER, THEEPLAVILAYIL VEEDU, SOORANAD NORTH.P.O, KOLLAM DISTRICT. BY ADV. SRI.GEORGE VARGHESE(PERUMPALLIKUTTIYIL) SRI.A.R.DILEEP SMT.SURYA SASI RESPONDENT(S): --------------- 1. L.I.C HOUSING FINANCE LTD., 2ND FLOOR, LEELA TOWERS, KESAVADASAPURAM, THIRUVANANTHAPURAM, REPRESENTED BY ITS CHAIRMAN AND MANAGING DIRECTOR. 2. AREA MANAGER, L.I.C HOUSING FINANCE LTD., AREA OFFICE, LEELA TOWERS, KESAVADASAPURAM, THIRUVANANTHAPURAM. 3. AUTHORISED OFFICER, L.I.C HOUSING FINANCE, AREA OFFICE, LEELA TOWERS, KESAVADASAPURAM, THIRUVANANTHAPURAM. BY SRI.R.S.KALKURA, SC, LIC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/10/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: K.M. JOSEPH, J. ```````````````````````````````````````````````````` W.P.(C) No. 29422 OF 2008 C ```````````````````````````````````````````````````` Dated this the 6th day of October, 2008 J U D G M E N T Petitioner and his son availed a housing loan and the amount has not been repaid. Proceedings commenced under the Securitisation and Reconstruction of Financial Assets and Enforcements of Security Interest Act, 2002, by issuance of notice under section 13(2) of the Act in the year 2006. The physical possession of the residential building of the petitioner has been taken over by the respondent on 18.9.2008. 2. I heard learned counsel for petitioner and learned standing counsel appearing on behalf of respondents. Learned counsel for petitioner prays for some time to pay off the amount. He also submits that the petitioner will pay Rs.1,00,000/- and that the petitioner may be permitted to pay the balance amount in ten equal monthly instalments. He further submits that upon payment of Rs.1,50,000/-, the WPC.29422/08 : 2 : residential building may be restored to the petitioner as the petitioner and his family are currently living in a shed. Learned standing counsel opposed it and submitted that the arrears of instalments coming to Rs.2,75,769/-. 3. Having considered the facts of the case, writ petition is disposed of as follows. Further proceedings against the petitioner will be kept in abeyance on condition that the petitioner pays a sum of Rs.1 lakh within two weeks from today and he pays the balance amount in four equal monthly instalments. The first instalment shall be paid on or before 6.11.2008. Upon the petitioner paying in all a sum of Rs.2,50,000/-, the possession of his residential building will be restored to the petitioner. The petitioner will file an undertaking before this court that the petitioner will restore the possession of the building to the respondents if he commits any default in payment of the further instalments to be paid, after the building is restored to the petitioner in terms of this judgment. If the petitioner WPC.29422/08 : 3 : commits any default in payment of further instalments after the building is restored to the petitioner, the petitioner will voluntarily give up the possession of the building upon the default being committed and upon a demand being made by the respondents. The petitioner will incorporate this condition in the undertaking being filed in this court. If the petitioner commits any default in payment of the instalments, it is open to the respondents to proceed further under the Act in accordance with law. (K.M.JOSEPH, JUDGE) aks