IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 25TH OCTOBER 2011 / 3RD KARTHIKA 1933 WP(C).No. 27942 of 2011(P) ------------------------------------- PETITIONER(S): ------------------------ SHAJI VARGHESE, S/O.LATE C.V.VARGHESE, CHAMATHIL HOUSE, CHENGAROOR P.O., MALLAPPALLY, PATHANAMTHITTA. BY ADV. SRI.LALJI P.THOMAS RESPONDENT(S): --------------------- 1. AUTHORISED OFFICER (CHIEF MANAGER), STATE BANK OF TRAVANCORE, MALLAPPALLY, PIN 689 594. 2. THE MANAGER, STATE BANK OF TRAVANCORE, MALLAPPALLY, THIRUVALLA-689 594. BY ADV. SRI.K.S.DILIP THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss W.P.(C) NO.27942/2011 APPENDIX PETITIONER(S) EXHIBITS P1:-TRUE COPY OF THE DEMAND NOTICE DATED 28.7.2011 ISSUED BY THE RESPONDENT BANK OF THE PETITIONER. P2:-TRUE COPY OF THE REPRESENTATION SUBMITTED BY THE PETITIONER BEFORE THE RESPONDENT BANK DATED 18.9.2011. P3:-TRUE COPY OF THE BANK STATEMENT OF THE PETITIONER'S ACCOUNT DATED 12.10.2011 ISSUED BY THE RESPONDENT BANK. RESPONDENTS' EXHIBITS NIL:- TRUE COPY P.S. TO JUDGE tss S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 27942 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 25th day of October, 2011. J U D G M E N T The petitioner is challenging proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security interest Act, 2002 initiated by the respondents for recovery of defaulted loan amounts. The petitioner does not dispute the liability or quantum. The petitioner only seeks a facility to regularise the loan account. This is opposed by the counsel for the bank. However, taking a lenient view, I dispose of this writ petition with the following directions: The petitioner shall pay the defaulted amount within one month. If the petitioner pays the defaulted amount within one month, the bank shall regularise the loan account of the petitioner. If the petitioner commits default in paying the amount within one month, 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. Tds/