IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 25TH OCTOBER 2011 / 3RD KARTHIKA 1933 WP(C).No. 28269 of 2011(G) -------------------------------------- PETITIONER(S): ---------------------- 1. BASIL PARERIA, S/O.ROCKEY PAREIRA,AGED 46 YEARS, BB NILAYAM,RAJEEV GANDHI ROAD, PALLITHARA P.O.,THIRUVANANTHAPURAM DISTRICT 2. BRIJITH @ ANNIE BASIL, W/O.BASIL PAREIRA,AGED 43 YEARS, DO. DO. BY ADV. SRI.P.M.JOSHI RESPONDENT(S): ------------------------- THE CHIEF MANAGER(AUTHORISED OFFICER), UNION BANK OF INDIA,REGIONAL OFFICE, THIRUVANANTHAPURAM AND BRANCH ATMEENAMKULAM, THIRUVANANTHAPURAM. BY ADV.SRI.A.S.P.KURUP THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: AV WPC.NO.28269/2011 APPENDIX PETITIONER(S) EXHIBITS : EXT.P1 : COPY OF THE NOTICE DATED 27-10-2010 ISSUED BY THE RESPONDENT TO 1ST PETITIONER EXT.P2 : COPY OF THE RECEIPT DATED 25-11-2010 ISSUED BY THE RESPONDENT TO PETITIONERS EXT.P3 : COPY OF THE REQUEST LETTER DATED 11-8-11 OF THE PETITIONER TO RESPONDENT. EXT.P4 : COPY OF THE NOTICE DATED 12-8-2011 SENT BY THE ADVOCATE COMMISSIONER IN M.C. NO.109/11 OF CHIEF JUDICIAL MAGISTRATE COURT,THIRUVANANTHAPURAM. RESPONDENTS' EXHIBITS : NIL /TRUE COPY/ P.A. TO JUDGE AV S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.28269 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 25th day of October, 2011 J U D G M E N T The petitioners challenge proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, initiated by the respondent for recovery of loan amounts defaulted by the petitioners. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek opportunity 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. However, taking a lenient view, 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 in two equal monthly instalments along with regular instalments payable in accordance with the original loan agreement for November and December, 2011, the respondent 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 continues to pay the W.P.(C)No.28269 of 2011 -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 respondent 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/