IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 10TH AUGUST 2011 / 19TH SRAVANA 1933 WP(C).No. 21726 of 2011(M) ----------------------------------------- PETITIONER(S): ----------------------- 1. ANISH, AMRITHA, CHALIYAM ROAD, P.O. KADALUNDI, KOZHIKODE – 673 302. 2. SEEMA K.BABU, W/O.ANISH, AMRITHA, CHALIYAM ROAD, P.O.KADALUNDI, KOZHIKODE – 673 302. BY ADV. SRI.P.B.SAHASRANAMAN, SRI.T.S.HARIKUMAR, SRI.K.JAGADEESH. RESPONDENT(S): -------------------------- 1. UNION BANK OF INDIA, REPRESENTED BY ITS AUTHORISED OFFICER, REGIONAL OFFICE, FIRST FLOOR, KSHB COMPLEX, VIKAS NAGAR, EAST HILL ROAD, KOZHIKODE - 673 006. 2. THE BRANCH MANAGER, UNION BANK OF INDIA, ULP KOZHIKODE, COLOMBO COMPLEX, M.M. ALI ROAD, PALAYAM, KOZHIKODE - 673 002. R1 & R2 BY ADV. MR.A.V. THOMAS, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 10/08/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: rs WP(C).No. 21726 of 2011(M) APPENDIX PETITIONER'S EXHIBITS: EXT.P1: COPY OF THE NOTICE ISSUED BY THE 1ST RESPONDENT TO THE PETITIONERS, DATED 09/11/2010. EXT.P2: COPY OF THE NOTICE OF THE ADVOCATE COMMISSIONER, DATED 04/08/2011. RESPONDENT'S EXHIBITS: NIL. //TRUE COPY// P.A. TO JUDGE rs S.SIRI JAGAN, J. ================== W.P.(C).No. 21726 of 2011 ================== Dated this the 10th day of August, 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 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. The learned Standing Counsel for the bank opposes the same. He submits that the defaulted amount would come to about ` 2,25,000/-. 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 petitioners pay 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 petitioners comply with the above directions and continue to pay the future instalments as per the original loan agreement on the due dates w.p.c.21726/11 2 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 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