IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 2ND DECEMBER 2011 / 11TH AGRAHAYANA 1933 WP(C).No. 31405 of 2011(A) ---------------------------------- PETITIONER(S): ------------------- A.V. SHAJI, S/O. VISWAMBHARAN, ARAKAMPARAMBIL HOUSE, NELLAI.P.O, THRISSUR. BY ADV. SMT.S.MUMTAZ RESPONDENT(S): -------------------- 1. THE THRISSUR CO-OPERATIVE BANK LTD., REP. BY THE AUTHORISED OFFICER, HEAD OFFICE, SAHAKARANA SATHABDHI MANDIRAM, KOVILAKATHUPADOM, THRISSUR - 680 022. 2. THE THRISSUR CO-OPERATIVE BANK LTD., KODAKARA BRANCH, REP. BY THE BRANCH MANAGER, KODAKARA, THRISSUR - 680 022. 3. STATE OF KERALA, REPRESENTED BY THE SECRETARY TO GOVERNMENT, CO-OPERATIVE DEPARTMENT, THIRUVANANTHAPURAM. R1 & R2 BY ADV. SRI.P.C.SASIDHARAN, SC. R3 BY GOVT. PLEADER SRI. S. JAMAL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: svs W.P.(C). NO. 31405/2011 APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF THE OF RECEIPT P2: COPY OF THE POSSESSION NOTICE P3: COPY OF THE REQUEST LETTER RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A. TO JUDGE. svs S.SIRI JAGAN, J. ================== W.P.(C).No. 31405 of 2011 ================== Dated this the 2nd day of December, 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. 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 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 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 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 w.p.c.31405/11 - : 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