IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 22ND DECEMBER 2011 / 1ST POUSHA 1933 WP(C).No. 34598 of 2011(Y) -------------------------------------- MC.643/2011 of C.J.M.,TRIVANDRUM .................... PETITIONER(S): ---------------------- SYAMALA, W/O. LATE SOMAN, KASALAVILAKATHU VEEDU, UTHARAMCODE, KOTTOR P.O, THIRUVANANTHAPURAM. BY ADVS. SRI.G.SUDHEER SMT.M.JAYASREE RESPONDENT(S): ------------------------- UNION BANK OF INDIA, REPRESENTED BY ITS AUTHORISED OFFICER/CHIEF MANAGER, UNION BANK BHAVAN, M.G.ROAD, THIRUVANANTHAPURAM. BY ADV.SRI.A.S.P.KURUP, SC, UNION BANK OF INDIA THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: DG WP(C).No. 34598 of 2011(Y) APPENDIX PETITIONER'S EXHIBITS: EXT.P1 : COPY OF THE DEMAND NOTICE ISSUED BY THE RESPONDENT. EXT.P2 : COPY OF THE RECEIPTS. EXT.P3 : COPY OF THE ORDER IN MC NO.643/2011 DATED 29.09.2011 OF THE CHIEF JUDICIAL MAGISTRATE COURT, THIRUVANANTHAPURAM. RESPONDENT'S EXHIBITS - NIL /TRUE COPY/ P.A.TO JUDJE DG S.SIRI JAGAN, J. ================== W.P.(C).No. 34598 of 2011 ================== Dated this the 22nd day of December, 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 respondent for recovery of loan amounts defaulted by the petitioner. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks 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 petitioner pays 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 January and February, 2012, the respondent 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 w.p.c.34598/11 - : 2 :- 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 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/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge