IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC TUESDAY, THE 18TH MARCH 2008 / 28TH PHALGUNA 1929 W.P(C).No. 7901 of 2008(N) --------------------------------- PETITIONER: -------------- A.C. HAMZA, CHINGANATH HOUSE, AMBALATHU VEETTIL, THIRUVATHARA P.O., CHAVAKKAD-680516. BY ADV. SRI.G.GOPALAKRISHNAN NAIR (EDAPPALLY) RESPONDENT: --------------- THE AUTHORISED OFFICER, HOUSING DEVELOPMENT FINANCE CORPORATION LTD., H.D.F.C. HOUSE, P.B.NO.1667, RAVIPURAM JUNCTION, M.G. ROAD, KOCHI-682015. BY ADV. SRI.K.K. CHANDRAN PILLAI, SC, HDFC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/03/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. =============== W.P.(C) NO. 7901 OF 2008 N ==================== Dated this the 18th day of March, 2008 J U D G M E N T The petitioner's son had availed of a loan of Rs.11 lakhs from the respondent. It is stated that default was committed and according to the respondent, 17 instalments have been defaulted and the cheques given were also dishonoured. Consequently, proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act were initiated and Ext.P12 is the notice under Section 13(2) of the said Act. Counsel for the petitioner submits that the petitioner may be allowed to clear the amount in arrears and the loan agreement may be revived. This request is opposed by the counsel for the respondent. 2. Now as is obvious from Ext.P12, loan has been recalled by the respondent and on account of which, entire amount has become payable. According to the respondent as on 12/3/2008, total amount due from the petitioner's son is Rs.12,69,190/-. Since the loan has been recalled in terms of the loan agreement, unless the respondent agrees, this court will not be justified in forcing the respondent to revive the loan agreement. In such circumstances, the petitioner is liable to pay the entire amount. WPC 7901/08 :2 : 3. In view of the above, I direct that the petitioner shall pay the whole amount, but however will be granted an instalment facility to discharge the aforesaid liability and to avoid coercive action against the mortgaged properties. 4. Therefore, I direct that the petitioner shall make payment of Rs.4 lakhs before 31/3/2008 and subject to such payment, further proceedings will stand stayed. It is also directed that the balance amount due from the petitioner will be paid in six equal monthly instalments, payable on the 30th of every month starting from April, 2008. It is directed that in case default is committed, the respondent will be free to continue the action that it has already initiated. Writ petition is disposed of as above. ANTONY DOMINIC,JUDGE. Rp