IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 15TH DECEMBER 2011 / 24TH AGRAHAYANA 1933 WP(C).No. 33590 of 2011(W) -------------------------- PETITIONER(S): --------------- 1. K.K. SIVARAMAN S/O KARUVAN KARAPPU AGED 60, THANIKUDATH HOUSE THANIKUDAM, KURICHIKARA P.O. THRISSUR DISTRICT, PIN-680 028 2. GIRISH S/O K.K. SIVARAMAN AGED 32, THANIKUDATH HOUSE THANIUDAM, KURICHIKARA P.O. THRISSUR DISTRICT, PIN-680 028 3. RATHEESH S/O K K SIVARAMAN AGED 30, THANIKUDATH HOUSE THANIKUDAM, KURICHIKARA P.O. THRISSUR DISTRICT, PIN-680 028 BY ADVS. SMT.M.R.REENA SRI.P.S.SUJETH RESPONDENT(S): ------------------------- 1 THE BRANCH MANAGER THE TRICHUR URBAN CO-OPERATIVE BANK LTD CHEMBUKKAVU BRANCH, THRISSUR 2. V SATHYDEVY AUTHORIZED OFFICER THE URBAN CO-OPERATIVE BANK LTD. NO.87 HEAD OFFICE, MISSION QUARTERS, THRISSUR R1 BY ADV SRI.C.D.DILEEP, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 15/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: STK WP(C).No. 33590/2011 APPENDIX PETITIONERS EXHIBITS: P1: COPY OF THE 13(2) DEMAND NOTICE DATED 21.06.2010 P2: COPY OF THE POSSESSION NOTICE DATED 16-12-2010 P3: COPY OF THE REPRESENTATION DATED 15-01-2011 P4: COPY OF THE SALE NOTICE DATED 05-11-2011 RESPONDENTS EXHIBITS: NIL /TRUE COPY/ PA TO JUDGE STK S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.33590 of 2011 ---------------------------------------------- Dated this the 15th day of December, 2011 JUDGMENT The petitioners challenge 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 petitioners. The petitioners only seek facility to regularise the loan account by paying the defaulted amounts and to pay the future instalments as per the original loan agreement. 2. The learned Standing Counsel for the bank opposes the same. 3. Having heard both sides, I am of opinion that the respondent can show some more leniency to the petitioners in the matter of regularising the loan account. Accordingly, 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 within one month, the respondents shall permit the petitioners to 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 W.P.(C)No.33590/10 2 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 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.33590/10 3