IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 18TH JULY 2011 / 27TH ASHADHA 1933 WP(C).No. 19390 of 2011(W) ---------------------------------------- PETITIONER(S): ------------------------ SMT.MINI V.APPUKUTTAN, D/O.APPUKUTTAN, AGED 43 YEARS, AMBADY HOUSE, VAIKOM DESOM, NADUVILAE VILLAGE, VAIKOM.P.O., KOTTAYAM DISTRICT. PIN-686 141. BY ADV. SRI.SUNU P.JOHN SRI.P.K.MURALEEDHARAN RESPONDENT(S): -------------------------- 1. THE STATE BANK OF TRAVANCORE, VAIKOM BRANCH, REPRESENTED BY ITS BRANCH MANAGER, OFFICE OF THE BRANCH, WEST GATE, VAIKOM.P.O., KOTTAYAM DISTRICT. PIN-686 141. 2. THE CHIEF MANAGER (AUTHORISED OFFICER), STATE BANK OF TRAVANCORE, OFFICE OF THE BRANCH, WEST GATE, VAIKOM.P.O., KOTTAYAM DISTRICT. PIN-686 141. R1 & R2 BY ADV.SRI.K.S.DILIP,SC, SBT THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sts WP(C)NO.19390/2011 APPENDIX PETITIONER'S EXHIBITS: P1 COPY OF THE BANK LOAN NO.67107951222 PASSBOOK DATED 30/3/2010. P2 COPY OF THE LETTER DATED 09/03/2011. P3 COPY OF THE SUIT NOTICE DATED 10/03/2011. P4 COPY OF THE SECTION 13(2) NOTICE DATED 16/05/2011. P5 COPY OF THE OBJECTION DATED 05/07/2011. P6 COPY OF THE POSTAL ACKNOWLEDGMENT CARD DATED 07/07/2011. P7 COPY OF THE RECEIPTS/PAY IN SLIPS DATED 8/12/2010. P8 COPY OF THE RECOVERY NOTICE DATED 05/07/2011. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A.TO.JUDGE sts S.SIRI JAGAN, J. ================== W.P.(C).No. 19390 of 2011 ================== Dated this the 18th day of July, 2011 J U D G M E N T The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, initiated by the respondents for recovery of loan amounts defaulted by the petitioner. The petitioner seeks opportunity to regularise the loan account by paying the defaulted amounts and to pay the instalments as per the original loan agreement. The learned counsel for the bank submits that the defaulted amount would come to about ` 9,100/-. 2. Having heard both sides, I dispose of this writ petition with the following directions: If the petitioner pays the amounts stipulated by the bank for regularising the loan account within two weeks, the respondents shall permit the petitioner to regularise the loan account and to pay off the future instalments as per the original loan agreement. If the petitioner complies with the above directions and continues to pay the 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 petitioner commits default in payment of either the defaulted amounts or any of the future instalments as per w.p.c.19390/11 2 the loan agreement, it would be open to the respondents 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