IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 19TH SEPTEMBER 2011 / 28TH BHADRA 1933 WP(C).No. 24809 of 2011(A) -------------------------- PETITIONER(S): --------------- 1. NAIZAM,NAIJA MANZIL,UMAYANALLOOR P.O., KOLLAM 691 585. 2. DEEJA NAIZAM,NAIJA MANZIL, UMAYANALLOOR P.O, KOLLAM 691 585. BY ADV. SRI.ALEX.M.SCARIA RESPONDENT(S): --------------- UNION BANK OF INDIA, KOLLAM CIVIL STATION BRANCH, KERALA REPRESENTED BY ITS CHIEF MANAGER AND AUTHORISED OFFICER. ADV.A.S.P. KURUP, SC THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 19/09/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C).No. 24809/2011 APPENDIX PETITIONER(S)' EXHIBITS P1. COPY OF THE STATEMENT OF ACCOUNTS. P2. COPY OF THE NOTICE DTD.16.8.2011. sdk+ ///True copy/// P.A. to Judge S.SIRI JAGAN, J. ================== W.P.(C).No. 24809 of 2011 ================== Dated this the 19th day of September, 2011 J U D G M E N T The petitioners challenge proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, initiated by the respondent for recovery of loan amounts defaulted by the petitioners. The petitioners only seek facility to regularise the loan account by paying the defaulted amounts and to pay the future instalments as per the original loan agreement. 2. The learned counsel for the bank opposes the same. 3. Having heard both sides, I am of opinion that the respondents can show some more leniency to the petitioners in the matter of regularising the loan account. Accordingly, I dispose of this writ petition with the following directions: If the petitioners pay the amounts stipulated by the bank for regularising the loan account within one month, the respondent shall permit the petitioners to regularise the loan account and to pay off the future instalments as per the original loan agreement. If the petitioners comply with the above directions and continue to pay the future instalments as per the original loan agreement on the due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioners commit default in payment of w.p.c.24809/11 2 either the defaulted amounts or any of the future instalments as per the loan agreement, it would be open to the respondent to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge