IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 23RD NOVEMBER 2011 / 2ND AGRAHAYANA 1933 WP(C).No. 31021 of 2011(C) -------------------------- CMP.7750/2011 of C.J.M.,KOLLAM .................... PETITIONER(S): ------------------------- RAJESH.P.K., S/O. KARUNAKARAN PILLAI, AGED 39 YEARS, ROHINI PULIYILA, NALLILA.P.O., KOLLAM DISTRICT. BY ADVS. SRI. SIJU KAMALASANAN, SRI.S.ABHILASH, SMT.BINDU GEORGE. RESPONDENT(S): --------------------------- 1. THE BRANCH MANAGER, STATE BANK OF TRAVANCORE, KUNDARA BRANCH, KUNDARA.P.O., KOLLAM DISTRICT-691 501. 2. THE AUTHORISED OFFICER/CHIEF MANAGER, STATE BANK OF TRAVANCORE, KUNDARA BRANCH, KUNDARA.P.O., KOLLAM-691 501. R1 & R2 BY ADV. SRI. R.S. KALKURA, SC, SBT THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 23/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss WPC.NO.31021/2011 C APPENDIX PETITIONER'S EXHIBITS: EXT.P1 THE COPY OF STATEMENT OF ACCOUNT DATED 14-11-2011 REGARDING THE VEHICLE LOAN AVAILED BY THE PETITIONER. EXT.P2 THE COPYOF STATEMENT OF ACCOUNT DATED 14-11-2011 REGARDING THE HOUSING LOAN AVAILED BY THE PETITIONER. EXT.P3 THE COPY OF NOTICE U/S. 13(2) OF SARFAESI ACT DATED 11-3-2011. EXT.P4 THE COPY OF NOTICE DATED 2-11-2011 BY THE COMMISSIONER. RESPONDENTS' EXHIBITS: N I L /TRUE COPY/ P.A. TO JUDGE Kss S.SIRI JAGAN, J. ================== W.P.(C).No. 31021 of 2011 ================== Dated this the 23rd day of November, 2011 J U D G M E N T The petitioner availed of a vehicle loan, a housing loan and a cash credit facility from the respondents. The petitioner committed default in repayments in all the three accounts. For all the three accounts the same property has been mortgaged as security. The respondents initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for recovery of the amounts, which is under challenge in this writ petition. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to regularise the accounts by paying the defaulted amounts and to continue to pay future instalments as per the agreements with the bank. 2. This is opposed by the learned counsel for the bank. He submits that in view of the delay, the bank is not inclined to permit the petitioner to regularise the loan accounts. 3. I have considered the rival contentions in detail. 4. In the facts and circumstances of the case, I am of opinion that the bank can permit the petitioner to regularise at least the vehicle loan account and the housing loan account, by accepting the w.p.c.31021/11 - : 2 :- defaulted instalments of repayment of the loans. Therefore, this writ petition is disposed of with the following directions: The petitioner shall pay off the entire amounts due under the cash credit facility within one month from today. The petitioner shall pay off the defaulted instalments of repayment of the vehicle loan and the housing loan within one month from today. On such payment, the respondents shall close the cash credit facility and regularise the vehicle loan account and the housing loan account permitting the petitioner to pay off the future instalments of the two loans as per the original loan agreements on due dates. If the petitioner complies with the above directions, further proceedings under the Act shall be kept in abeyance. However, if the petitioner fails to pay off the amounts due under the cash credit facility or to pay the defaulted instalments of the two loans or any of the future instalments of the two loans, 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 w.p.c.31021/11 - : 3 :-