IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 2ND NOVEMBER 2011 / 11TH KARTHIKA 1933 WP(C).No. 29169 of 2011(U) ----------------------------------- PETITIONER:- --------------------- JAYAKUMAR T, PALLIPADICKAL HOUSE, KUMPLAMPOIKA, PATHANAMTHITTA. BY ADVS. SRI. JACOB P. ALEX SRI. JOSEPH P.ALEX RESPONDENTS:- ------------------------ 1. PATHANAMTHITTA DISTRICT CO -OPERATIVE BANK REPRESENTED BY ITS MANAGER, VADASSERIKARA BRANCH, VADASSERIKARA P.O., PATHANAMTHITTA 689 662. 2. AUTHORISED OFFICER (SERFAESI ACT), PATHANAMTHITTA DISTRICT CO -OPERATIVE BANK HEAD OFFICE,PATHANAMTHITTA 689 645. BY S.C. SRI. T.P. PRADEEP THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 29169 of 2011(U) APPENDIX PETITIONER'S EXHIBITS: P1 : - COPY OF THE DEMAND NOTICE UNDER SECTION 13(2) OF THE SERFAESI ACT DATED 09.04.2011 ISSUDED BY THE 1st RESPONDENT. P2 : - COPY OF THE NOTICE DATED 28.09.2011 ISSUED BY THE 1st RESPONDENT. P3 :- COPY OF THE NOTICE DATED 03.10.2011 ISSUED BY THE ADVOCATE COMMISSIONER. P4 : - COPY OF THE REPRESENTATION DATED 11.10.2011 SUBMITTED BY THE PETITIONER BEFORE THE PRESIDENT OF 1st RESPONDENT. RESPONDENTS' EXHIBITS: NIL (TRUE COPY) P.A. TO JUDGE DMR/- S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.29169 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 2nd day of November, 2011 J U D G M E N T The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, initiated by the respondents for recovery of loan amounts defaulted by the petitioner. The petitioner only seeks facility to regularise the loan account by paying the defaulted amounts and to pay the future instalments as per the original loan agreement. 2. This is opposed by the learned counsel for the bank. 3. Having heard both sides, I dispose of this writ petition with the following directions: If the petitioner pays the amounts stipulated by the bank for regularising the loan account within one month, the respondents shall permit the petitioner to regularise the loan account and to pay off the future instalments as per the original loan agreement. If the petitioner complies with the above directions and continues 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 petitioner commits default in payment of either the defaulted amounts or any of the future instalments as per W.P.(C)No. 29169 of 2011 -2- the 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. Sd/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/