IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 30TH NOVEMBER 2011 / 9TH AGRAHAYANA 1933 WP(C).No. 31921 of 2011(M) -------------------------- PETITIONER --------------------- SHOBHANA, AGED 43 YEARS, W/O.SURESHKUMAR, MANGALASSERY HOUSE, NADUVANNUR P.O., KOYILANDY TALUK, KOZHIKODE DISTRICT. BY ADV. SRI.SANTHARAM.P RESPONDENTS: -------------------------- 1. THE MANAGER, KOZHIKODE DISTRICT CO-OPERATIVE BANK LTD., HEAD OFFICE, P.B.NO.503, CHALAPPURAM P.O., KALLAI ROAD, KOZHIKODE-673002. 2. THE AUTHORISED OFFICER/SENIOR MANAGER, KOZHIKODE DISTRICT, CO-OPERATIVE BANK LTD., KALLAI ROAD, KOZHIKODE-673002. BY ADV. SRI. P.V. KUNHIKRISHNAN. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 30/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: MM WP(C).No. 31921 of 2011(M) APPENDIX PETITIONER'S EXHIBITS: P1 COPY OF THE POSSESSION NOTICE DATED 01-03-2011 P2 COPY OF THE ORDER OF THE CJM IN C.M.P.NO.2372/2011 DATED 26-09-2011 P3 COPY OF THE REPORT DATED 16-11-2011 FILED BY THE COMMISSIONER IN CMP NO.2372/2011 RESPONDENT'S EXHIBITS: NIL TRUE COPY P.A. TO JUDGE MM S.SIRI JAGAN, J. ------------------------ WP(C) No.31921 OF 2011 --------------------------------- Dated this the 30th day of November , 2011 J U D G M E N T The petitioner is a defaulter in repayment of loan amounts due from him to the respondents. The respondents have initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act for the recovery of the amounts due. The petitioner is challenging the same. The petitioner does not dispute the liability to pay or the quantum. The petitioner seeks permission to regularise the loan account and to continue to pay the instalments of repayment, on due dates as per the original loan agreement. 2. This is opposed by the counsel for the bank. 3. Having heard both sides, I am of the opinion that the respondents can show some more leniency to the petitioner in the matter of regularising the loan account. 4. Accordingly, this writ petition is disposed of with the WP(C) No.31921 OF 2011 2 following directions. The petitioner shall pay the amounts stipulated by the bank for regularising the loan account within one month from today. On payment of the said amount the respondents shall regularise the petitioner's loan account and permit him to pay the balance installments as per the loan agreement on due dates. If the petitioner pays the amounts required for regularising the loan account within one month as directed above, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of the amounts required for regularising the loan account or any of the future instalments of loan as per the loan agreement on due dates, 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 mm JUDGE WP(C) No.31921 OF 2011 3 MM WP(C) No.31921 OF 2011 4