IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 18TH NOVEMBER 2011 / 27TH KARTHIKA 1933 WP(C).No. 30603 of 2011(A) ------------------------------------- PETITIONER(S): ---------------------- 1. K.SASIDHARAN, S/O.KUNJAN NADAR, RATHEESH BHAVAN, MUKKAMPALA MOODU, NARUVAMOODU (P.O), PALLICHAL VILLAGE, THIRUVANANTHAPURAM - 695 020. 2. A.SAKUNTHALA, W/O.K.SASIDHARAN, RATHEESH BHAVAN, MUKKAMPALA MOODU, NARUVAMOODU (P.O), PALLICHAL VILLAGE, THIRUVANANTHAPURAM - 695 020. BY ADVS. SRI.GOPAKUMAR R.THALIYAL SRI.V.ANIRUDHAN NAIR SRI.CHANDRA BABU SMT.RAJITHA RAJAN RESPONDENT(S): ------------------------ 1. STATE BANK OF INDIA, REPRESENTED BY ITS CHIEF MANAGER, REGIONAL BUSINESS OFFICE, KOLLAM, PIN - 691 013. 2. THE AUTHORISED OFFICER (REGIONAL MANAGER) STATE BANK OF INDIA, REGIONAL BUSINESS OFFICE, KOLLAM, PIN - 691 013. 3. THE MANAGER, STATE BANK OF INDIA, KOTTUKAL BRANCH, THANNIMOODU (P.O), THIRUVANANTHAPURAM, PIN - 695 020. BY ADV.SRI.R.S.KALKURA, SC, SBI THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: AV WPC.NO.30603/2011 APPENDIX PETITIONER(S) EXHIBITS : EXT.P-1 : COPIES OF THE REMITTANCE SLIPS. EXT.P-2 : COPY OF THE NOTICE ISSUED BY THE 2ND RESPONDENT DATED 28.05.2010. EXT.P-3 : COPY OF THE REPRESENTATION SUBMITTED BY THE PETITIONER TO THE 2ND RESPONDENT DATED 30.06.2010 EXT.P-4 : COPY OF THE ORDER PASSED BY THE CHIEF JUDICIAL MAGISTRATE COURT, THIRUVANANTHAPURAM IN M.C.NO.221/2011 DATED 26.07.2011. EXT.P-5 : COPY OF THE LETTER ISSUED BY THE 2ND RESPONDENT TO THE PETITIONERS DATED 28.09.2011 EXT.P-6 : COPY OF THE INTIMATION LETTER ISSUED DATED 23.09.2011 EXT.P-7 : COPY OF THE POSTAL ENVELOPE. RESPONDENTS' EXHIBITS : NIL /TRUE COPY/ P.A TO JUDGE AV S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 30603 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 18th day of November, 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 respondents for recovery of loan amounts defaulted by the petitioners. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek opportunity to regularise the loan account by paying the defaulted amounts and to pay the future instalments as per the original loan agreement. 2. This is opposed by the learned counsel for the bank. 3. However, taking a lenient view, I dispose of this writ petition with the following directions: If the petitioners pay Rs. 6 lakhs for regularising the loan account in three equal monthly instalments in January, February and March, 2012 along with regular instalments payable in accordance with the original loan agreement, 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 Rs. 6 lakhs is in excess of the outstanding defaulted amounts, the monthly instalments shall be proportionately reduced. If the petitioners comply with the above directions and continues 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 W.P(C) No. 30603 of 2011 -: 2 :- petitioners commit default in payment of either the defaulted amounts or any of the future instalments as per 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/- S. Siri Jagan, Judge. Tds/