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. 8359 of 2008(T) --------------------------------- PETITIONERS: --------------- 1. SMT.SEENA KUMARI, AGED 47 YEARS, W/O.K.ASHOK KUMAR, RESIDING AT SARAS, ARUNOOTTI MANGALAM NAGAR NO.57, MANGADU P.O., KOLLAM. 2. SRI.ASHOK KUMAR.K., S/O.KUNJIRAMAN PILLAI, RESIDING AT SARAS, ARUNOOTTI MANGALAM NAGAR NO. 57, MANGADU P.O., KOLLAM. BY ADV. SRI.V.V.RAJA SRI.R.RENJITH RESPONDENTS: ----------------- 1. STATE BANK OF TRAVANCORE, REPRESENTED BY ITS GENERAL MANAGER, REGIONAL OFFICE, THIRUVANANTHAPURAM. 2. THE AUTHORISED OFFICER (CHIEF MANAGER) STATE BANK OF TRAVANCORE, KOLLAM BEACH ROAD BRANCH, KOLLAM. BY ADV. SRI.SATHISH NINAN SRI.SANTHOSH MATHEW 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. 8359 OF 2008 - T = = = = = = = = = = = = = = Dated this the 18th day of March, 2008 J U D G M E N T In this writ petition what is challenged is the proceedings initiated by the respondent bank under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Even according to the counsel for the petitioners, five instalments are in default and what is sought for is an order permitting the petitioners to regularise the loan by paying the instalment amount in default. 2. From the submissions made on behalf of the respondents, it is seen that a 20 year loan was availed of in 2004 and what is in default is some of the instalments. Having regard to the above, I feel, ends of justice will be met if the petitioners are permitted to revive their loan by clearing the entire amount that is due along with other costs incurred by the bank towards the proceedings impugned in this writ petition. W.P.(C)No. 8359/2008 - 2 - 3. Accordingly, I direct that the petitioners shall pay the entire amount in default along with other costs incurred by the bank before 31st March, 2008 and subject to such payment further proceedings will stand deferred. I also direct that on payment as above, the bank will revive the loan agreement and the petitioners will be allowed to pay the future instalments as provided for in the loan agreement itself. It is clarified that in case default is committed the bank will be free to continue the proceedings. ANTONY DOMINIC JUDGE jan/-