IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 21ST DECEMBER 2011 / 30TH AGRAHAYANA 1933 WP(C).No. 33976 of 2011(V) --------------------------------------- PETITIONER(S) : ----------------------- 1. REMA.E., W/O.GOPINATHA KURUP.V., 11/314, KARUVANNUR THARA, KODUVAYUR.P.O., PALAKKAD-678 501. 2. GOPINATHA KURUP.V., S/O.GOPALANKUTTY NAIR, 11/314, KARUVANNUR THARA, KODUVAYUR.P.O., PALAKKAD-678 501. BY ADVS. SRI. SAJAN VARGHEESE K. SRI. LIJU M.P. RESPONDENT(S) : ------------------------- 1. UCO BANK, PALAKKAD BRANCH, MARKET ROAD, PALAKKAD-678 014, REP.BY ITS SENIOR MANAGER. 2. AUTHORIZED OFFICER, UCO BANK, ZONAL OFFICE, ERNAKULAM.682 018 BY ADVS. SRI. GEORGE KARITHANAM VARGHESE,S.C. SRI. P. V. SURENDRANATH , S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: NS WP(C).No. 33976 /2011 APPENDIX PETITIONER(S) EXHIBITS : EXHIBIT P1 : COPY OF THE POSSESSION NOTICE DATED 02.08.2011 ISSUED BY THE RESPONDENTS. EXHIBIT P2 : COPY OF THE AUCTION SALE NOTICE DATED 10.11.2011 PUBLISHED BY THE RESPONDENTS. EXHIBIT P3 : COPY OF THE PAPER PUBLICATION MADE IN MATHRUBHUMI DAILY DATED 19.11.2011. RESPONDENTS' EXHIBITS : NIL / TRUE COPY / P.A. TO JUDGE NS S.SIRI JAGAN, J. ================== W.P.(C).No. 33976 of 2011 ================== Dated this the 21st 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 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 the amounts stipulated by the bank for regularising the loan account in two equal monthly instalments along with regular instalments payable in accordance with the original loan agreement for January and February, 2012, the respondents 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 w.p.c.33976/11 - : 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