IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 9TH DECEMBER 2011 / 18TH AGRAHAYANA 1933 WP(C).No. 32861 of 2011(G) ---------------------------------------- PETITIONER(S): ----------------------- 1. DEVAYANI, W/O.RAGHAVAN, PUTHIYEDATHU VEEDU, KARIYATHAN KAVU P.O., BALUSSERY, KOZHIKODE DISTRICT. 2. SIVANANDAN, S/O.RAGHAVAN, PUTHIYEDATHU VEEDU, KARIYATHAN KAVU P.O., BALUSSERY, KOZHIKODE DISTRICT. 3. REENA, D/O.RAGHAVAN, PUTHIYEDATHU VEEDU, KARIYATHAN KAVU P.O., BALUSSERY, KOZHIKODE DISTRICT. BY ADV. SRI.K.B.ARUNKUMAR RESPONDENT(S): --------------------------- 1. KOZHIKODE DISTRICT CO-OPERATIVE BANK LTD., REG.NO.F 1635, KALLAI ROAD, KOZHIKODE, PIN-673 002, REPRESENTED BY ITS SENIOR MANAGER. 2. THE SENIOR MANAGER, KOZHIKODE DISTRICT CO-OPERATIVE BANK LTD., REG.NO. F 1635, KALLAI ROAD, KOZHIKODE, PIN-673 002. 3. THE BRANCH MANAGER, KOZHIKODE DISTRICT CO-OPERATIVE BANK LTD., REG.NO.F 1635, BALUSSERY BRANCH, BALUSSERY, KOZHIKODE-673 009. BY ADV. MR.P.V. KUNHIKRISHNAN, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 09/12/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: rs WP(C).No. 32861 of 2011(G) APPENDIX PETITIONER'S EXHIBITS: EXHIBIT P1: TRUE COPY OF THE REPRESENTATION SUBMITTED BEFORE THE 3RD RESPONDENT. EXHIBIT P2: TRUE COPY OF NOTICE DATED 30-10-2011. EXHIBIT P3: TRUE COPY OF THE REPRESENTATION SUBMITTED BEFORE THE 2ND RESPONDENT. RESPONDENT'S EXHIBITS:- NIL. //TRUE COPY// P.A. TO JUDGE rs S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.32861 of 2011 ---------------------------------------------- Dated this the 9th day of December, 2011 JUDGMENT The petitioners challenge proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondents bank for recovery of loan amounts due from the petitioners to the respondents. 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 agreements. 2. This is opposed by the learned counsel for the bank. 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 three equal monthly instalments along with regular instalments payable in accordance with the original loan agreement for January, February and March, 2012 the respondents shall permit the petitioners to W.P.(C)No.32861/11 2 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 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 original 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. S. SIRI JAGAN, JUDGE acd W.P.(C)No.32861/11 3 W.P.(C)No.32861/11 4