IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 7TH JULY 2011 / 16TH ASHADHA 1933 WP(C).No. 18416 of 2011(B) --------------------------------------- PETITIONER: ------------------- JOBAI, AGED 47, S/O.ANTHONY, PARAPPURAM THANDAPPILLY HOUSE, TRANSWAY ROAD, CHALAKUDY.P.O., THRISSUR DISTRICT. PIN-680 307. BY ADVS. SRI.K.I.ABDUL RASHEED, SRI.K.A.SHAMSUDEEN, SRI.V.K.MEETHIANKUNJU, SMT.BHAMA G. NAIR, SRI.V.K.MEETHIANKUNJU. RESPONDENTS: ------------------------ 1. THE AUTHORIZED OFFICER, THE CATHOLIC SYRIAN BANK LTD., CSB BHAVAN, ST.MARY'S COLLEGE ROAD, THRISSUR-680 020. 2. THE MANAGER, CATHOLIC SYRIAN BANK LTD., RAILWAY STATION ROAD, THRISSUR-680 020. R1 & R2 BY SRI. C.A. JOY, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 07/07/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C). NO.18416/2011-B: APPENDIX PETITIONERS' EXHIBITS: EXT.P.1: COPY OF THE DOCUMENT NO.4419/2008 OF MUNDOOR SUB REGISTRY. EXT.P.2: COPY OF THE LAWYER NOTICE DTD. 19/09/2009 ISSUED BY ADVOCATE SREEKUMAR PUTHEZHATH. EXT.P.3: COPY OF THE LAWYERS NOTICE DTD. 20/09/2009 ISSUED BY THE ADVOCATE REJI DAVIS PARAPPILLY. EXT.P.4: COPY OF THE NOTICE DTD. 27/10/2009 ISSUED BY THE R.1. EXT.P.5: COPY OF THE NOTICE DTD. 18/02/2011 ISSUED BY ADVOCATE SAJI FRANCIS.C. EXT.P.6: COPY OF THE RELEVANT PAGES OF THE STATEMENTS OF ACCOUNT OF THE PETITIONER IN THE ACCOUNT NUMBER 00379983-721501. RESPONDENTS' EXHIBITS: NIL. //TRUE COPY// P.S. TO JUDGE. Prv. S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 18416 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 7th day of July, 2011. J U D G M E N T The petitioner is challenging proceedings under the Securitisation and Reconstruction of Financial Assets and and Enforcement of Security interest Act, 2002 for recovery of loan amounts defaulted by the petitioner. The petitioner does not dispute the liability to pay or the quantum. He only submits that he may be permitted regularise the loan account by paying the defaulted amounts and to continue repayment as per the original loan agreement. This is opposed by the counsel for the bank. Taking a lenient view I dispose of this writ petition with the following directions: The petitioner shall pay the amount sufficient to meet the defaulted instalments with interest within one month. On receipt of the same, the respondents shall regularise the loan account and permit the petitioner to pay off the balance instalments in accordance with the original loan agreement. If the petitioner complies with the above directions further proceedings under the Act shall be kept in abeyance. If the petitioner fails to pay the amount as directed above or any of the subsequent instalments as per the loan agreement, the respondents are free to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Sd/- S. Siri Jagan, Judge. Tds/