IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 17TH NOVEMBER 2011 / 26TH KARTHIKA 1933 WP(C).No. 30373 of 2011(V) ------------------------------------ MC.150/2011 of C.J.M.,TRIVANDRUM .................... PETITIONER(S): ------------------------ DILEESHMON S.A,DEEPA NIVAS, PERINGAMMALA, KALLIYOOR P.O,TRIVANDRUM. BY ADV. SRI.RAJESH VIJAYENDRAN RESPONDENT(S): -------------------------- 1. LIC HOUSING FINANCE LTD,TRIVANDRUM BRANCH,THIRUVANANTHAPURAM -4. 2. THE AUTHORISED OFFICER LIC HOUSING FINANCE LTD, LEDA TOWERS KESAVADASAPURAM, THIRUVANANTHAPURAM 4. 3. SUNIL N.S,ADVOCATE COMMISSIONER VANCHIYOOR, THIRUVANANTHAPURAM 1. R1 & R2 BY ADV. SRI.R.S.KALKURA, SC THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 17/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss W.P.(C) NO.30373/2011 APPENDIX PETITIONER(S) EXHIBITS EXHIBIT P1. TRUE PHOTOCOPY OF THE APPLICATION FILED BY THE 2ND RESPONDENT BEFORE CHIEF JUDICIAL MAGISTRATE COURT, TRIVANDRUM. EXHIBIT P2. TRUE PHOTOCOPY OF THE NOTICE DATED 7.11.11 ISSUED BY THE ADVOCATE COMMISSIONER. RESPONDENTS' EXHIBITS NIL:- TRUE COPY P.A. TO JUDGE tss S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.30373 of 2011 ---------------------------------------------- Dated this the 17th day of November, 2011 JUDGMENT The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by respondents 1 and 2 for recovery of loan amounts due from the petitioner to respondents 1 and 2. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks permission to regualarise the loan account. 2. This is opposed by the learned Standing Counsel for the bank. Further, he submits that if the Court is inclined to permit the petitioner to regularise the loan account, the petitioner may be directed to pay Rs.1 lakh to bring down the credit limit and for the balance, re-arranged EMIs can be directed to be paid in accordance with the original loan agreement. 3. In the above circumstances, the writ petition is disposed of with the following directions: W.P.(C)No.30373/11 2 The petitioner shall pay Rs.1 lakh in two equal monthly instalments payable on 15.12.2011 and 15.1.2012. On payment of the same, respondents 1 and 2 shall re-arrange the credit limit and the EMI and allow the petitioner to pay off the balance EMIs on due dates as per the original loan agreement. If the petitioner complies with the above directions, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment either of the two instalments as directed above or any of the future EMIs, it would be open to respondents 1 and 2 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.30373/11 3 W.P.(C)No.30373/11 4