IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 22ND DECEMBER 2011 / 1ST POUSHA 1933 WP(C).No. 34711 of 2011(L) --------------------------------- PETITIONER(S): ------------------ 1. T.A. NASIMUDHEEN, KUTTIYIL HOUSE, CHANDANATHODU P.O., KOLLAM - 691 014. 2. NAFEESA, KUTTIYIL HOUSE, CHANDANATHODU P.O., KOLLAM - 691 014. BY ADV. SRI.BABU S. NAIR SRI.RAVI KRISHNAN RESPONDENT(S): -------------------- THE CHIEF MANAGER, UNION BANK OF INDIA, REGIONAL OFFICE, STATUE, THIRUVANANTHAPURAM, PIN - 695001. BY ADV. ASP KURUP, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: SD WPC NO. 34711/2011 APPENDIX PETITIONER'S EXHIBITS P1 COPY OF THE RECEIPT SHOWING THE REMITTANCE OF RS. 1,35,000/- BY THE PETITIONER TO THE BANK OF 1-10-2011 P2 COPY OF THE RECEIPT SHOWING THE REMITTANCE OF RS. 65,000/- BY THE PETITIONER TO THE BANK ON 10-10-2011 P3 COPY OF THE NOTICE ISSUED BY ADVOCATE RAMYA V. TO THE PETITIONERS DATED, 28-11-2011 FOR TAKING ACTUAL PHYSICAL POSSESSION OF THE SECURED ASSETS ON 22-12-2011 RESPONDENT'S EXHIBITS NIL // TRUE COPY // P.A. TO JUDGE SD S.SIRI JAGAN, J. ================== W.P.(C).No. 34711 of 2011 ================== Dated this the 22nd day of December, 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. This is opposed by the learned counsel for the bank. 3. Having heard both sides, 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 either the defaulted amounts or any of the future instalments as per the loan agreement, it would be open to the respondent to continue w.p.c.34711/11 - : 2 :- 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