IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 25TH JUNE 2008 / 4TH ASHADHA 1930 WP(C).No. 19079 of 2008(U) -------------------------- PETITIONERS: ------------ 1. NIYAS KOYA, AGED 30 YEARS, S/O KOYAKUNJU, PROPRIETOR, OKAY VEGATABLES, PEACE GARDENS, NADIYAMPALAM, AVALOOKUNNU P.O., ALAPPUZHA. 2. MRS. SEENA NIYAS, AGED 25 YEARS, W/O NIYAS KOYA, PEACE GARDENS, NADIYAMPALAM, AVALOOKUNNU P.O. ALAPPUZHA. BY ADV. SRI.G.PRIYADARSAN THAMPI SRI.V.GOPIKRISHNA RESPONDENTS: ------------- 1. UNION BANK OF INDIA, CENTRAL OFFICE, 239, VIDYA BHAVAN MARG, NARIMAN POINT, MUMBAI -400 021, REP: BY ITS MANAGING DIRECTOR. 2. UNION BANK OF INDIA, ALAPPUZHA BRANCH, REPRESENTED BY ITS BRANCH MANAGER. 3. THE AUTHORIZED OFFICER,' UNION BANK OF INDIA, ALAPPUZHA BRANCH. BY ADV. SRI. A.S.P. KURUP THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25/06/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W. P (C) No. 19079 of 2008 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 25th June, 2008. J U D G M E N T The petitioners have two accounts with the 2nd respondent-Bank. One is a housing loan account and the other a cash credit account. Amounts are due from the petitioners for default in payment of dues in both the accounts. The Bank initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for recovery of the amounts due from the petitioners. The petitioners are challenging the same. However, the petitioners do not dispute the liability to pay or the quantum. They only seek a direction to the respondents to regularise the accounts on payment of the defaulted amounts. This is opposed by the standing counsel for the Bank. However, taking a lenient view, I dispose of the writ petition with the following directions. The petitioners shall pay an amount of Rs. 5 lakhs within one month in the housing loan account. On receipt of the same, the Bank shall regularise their housing loan account on condition that the petitioners pay the future instalments on due dates in accordance with the original loan agreement. The petitioners shall pay another Rs. 6 lakhs to regularise the cash credit account, on receipt of which the 1st respondent shall regularise that account also on condition that the petitioners keep the cash credit account current by paying all dues in time. The petitioners shall continue to pay Rs. 1 lakh every month for six months starting from 1-8-2008 in the cash credit account. Every subsequent instalment of such payment shall be paid on the first working day of every succeeding month. If the petitioners comply with the above directions promptly, further proceedings for coercive recovery shall be kept in abeyance. However, if the petitioners commit default in complying with any one of the above directions, it W.P.C. No. 19079/2008. -: 2 :- 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/ [True copy] P.S to Judge.