IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 19TH OCTOBER 2011 / 27TH ASWINA 1933 WP(C).No. 27428 of 2011(C) -------------------------- PETITIONER: ----------- MOHANDAS, NO.7/636, MEETHU BHAVAN, ERUMAKUZHI, KOTTOOR P.O., KUTTICHAL. BY ADVS. SRI.R.SUNIL KUMAR SMT.A.SALINI LAL RESPONDENTS: ------------ 1. THE AUTHORIZED OFFICER, ASSISTANT GENERAL MANAGER, RACPC BRANCH, STATE BANK OF INDIA, LMS COMPOUND, THIRUVANANTHAPURAM 695 011. 2. THE BRANCH MANAGER, STATE BANK OF INDIA, VIKAS BHAVAN, NANTHANCODE BRANCH, TRIVANDRUM 695 006. BY ADV.SRI.P.V.SURENDRANATH, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: JJJ WP(C).No. 27428 of 2011(C) APPENDIX PETITIONERS EXHIBITS: EXHIBIT-P1. COPY OF THE ORDER ISSUED BY THE HON'BLE CJM, TRIVANDRUM DATED 6/7/11. RESPONDENTS EXHIBITS: NIL //TRUE COPY// P.A.TO JUDGE JJJ S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.27428 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 19th day of October, 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 only seeks facility to regularise the loan account by paying the defaulted amounts and to pay the future instalments as per the original loan agreement. 2. The learned Standing Counsel for the bank opposes the same. 3. Having heard both sides, I am of opinion that the respondents can show some more leniency to the petitioner in the matter of regularising the loan account. Accordingly, 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 one month, 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 continue to pay the future instalments as per the original loan agreement on the due dates W.P.(C)No.27428 of 2011 -2- 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 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 //True copy// P.A. TO JUDGE shg/