IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM THURSDAY, THE 1ST OCTOBER 2009 / 9TH ASWINA 1931 WP(C).No. 12613 of 2009(V) -------------------------- PETITIONER(S): --------------- JOSEY.K.C., KURISINGAL HOUSE, IX/153, KAMBIRI ROAD, FORT COCHI. BY ADV. SMT.S.MUMTAZ RESPONDENT(S): --------------- THE HOUSING DEVELOPMENT FINANCE CORPORATION LTD., REP. BY THE AUTHORISED OFFICER, HDFC HOUSE, POST BAG NO. 1667, RAVIPURAM JN., KOCHI-15. ADV.SRI.K.K. CHANDRAN PILLAI, S.C. THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 01/10/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).12613/09 APPENDIX PETITIONER'S EXHIBITS:- EXT.P1:- COPY OF NOTICE DT.19.12.08 ISSUED BY THE BANK EXT.P2:- COPY OF NOTICE UNDER SEC.13(2) EXT.P3:- COPY OF THE REQUEST LETTER DT.6.4.09 ISSUED TO R2 RESPONDENT'S EXHIBITS:- NIL okb //True Copy// P.A. to Judge W.P.C.12613/09 ORDER ON I.A.10497 OF 2009 IN W.P(C). 12613 OF 2009 DISMISSED. SD/- C.K. ABDUL REHIM, JUDGE. 1.10.2009 okb /True copy/ P.A. to Judge C.K.ABDUL REHIM, J. ------------------------------ W.P.(C).No.12613 OF 2009 ------------------------------ Dated this the 1st day of October, 2009 J U D G M E N T ---------------------- 1. The petitioner had availed a loan from the respondent Bank to the tune of Rs.4 lakhs for the purpose of house construction. The loan was secured by mortgage of immovable properties. Since repayment in the loan accounts was defaulted the Bank initiated proceedings under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 (SARFAESI Act) by issuing Ext.P1 and P2 notices. On receipt of such notices the petitioner had submitted Ext.P3 reply seeking permission to pay the overdue amount and to regularise the loan account. According to the petitioner he is in stringent financial condition and it may not be possible for him to make payment of the entire amount in arrears in lump sum. 2. Pursuant to an interim order issued by this court on 24.4.04 the petitioner had effected two payments of Rs.50,000/- each, which is endorsed by the learned standing counsel appearing for the respondent Bank. It is submitted by the learned standing counsel that the balance outstanding is about Rs.3,50,000/-, after crediting all such payments. Since the loan is in continued default the Bank is not favouring regularisation of W.P.(C).12613/09-V 2 the account by paying the defaulted installments. On the other hand the Bank is not opposing directions which will be issued from this court permitting installment payment of the entire arrears. 3. Having considered the facts and circumstances of the case and rival contentions of the petitioner I am of the opinion that the petitioner can be permitted to pay off the entire arrears in installments. Therefore the writ petition is disposed of directing the respondent to keep in abeyance all further steps pursuant to the proceedings initiated under the SARFAESI Act if the petitioner makes payment of the balance outstanding in 6 equal monthly installments starting from 31.10.2009 and on or before the last day of every succeeding months. 4. It is made clear that on failure to payment of any of the installments, the respondent is at liberty to take further steps pursuant to notice already issued. The benefit granted under this judgment is subject to the condition that the petitioner is precluded from raising any further challenge against the proceedings before this court or before any other forum. C.K.ABDUL REHIM, JUDGE. okb