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K.SASI, VADAKKEKKARA VEEDU v. SUNDARAM HOME FINANCE LTD. - WP(C) No. 16618 of 2007(C)  RD-KL 14174 (26 July 2007)
IN THE HIGH COURT OF KERALA AT ERNAKULAMWP(C) No. 16618 of 2007(C)
1. K.SASI, VADAKKEKKARA VEEDU,
1. SUNDARAM HOME FINANCE LTD.,
2. THE AUTHORISED OFFICER,
For Petitioner :SRI.VELLAYANI SUNDARARAJU
For Respondent :SRI.VARGHESE C.KURIAKOSE
The Hon'ble MR. Justice S.SIRI JAGAN
O R D E R
S. SIRI JAGAN, J.W.P.(C)NO. 16618 OF 2007
DATED THIS THE 26th DAY OF JULY, 2007
The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act,2002 initiated by the respondents. However, the petitioner now limits his prayer for a direction to the respondents to permit the petitioner to pay off the amounts due in instalments.
2. The prayer is stoutly opposed by the learned counsel for the respondents. According to him, the respondents themselves have given sufficient opportunity to the petitioner to pay off the amounts and the petitioner did not pay any amount until this Court passed an interim order directing payment of part of the amount.
3. After hearing both sides, I feel that some leniency can be shown to the petitioner in the matter of payment of balance amount due in instalments.
4. Accordingly, I direct the respondents to permit the petitioner to pay the balance amounts due in five equal monthly instalments starting from 13.8.2007. Every subsequent instalment shall be paid on the 1st working day after 13th of every succeeding month. If the petitioner pays the instalments in time as directed W.P.(c)No.16618/07 2 above, further proceedings pursuant to impugned orders shall be kept in abeyance. However, if the petitioner commits default in payment of any one of the instalments, the respondents would be free to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. The petitioner may approach the respondents for reduction in interest and the respondents shall consider the same as sympathetically as possible. The writ petition is disposed of as above.
S. SIRI JAGAN, JUDGEAcd W.P.(c)No.16618/07 3
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