IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 27TH JULY 2011 / 5TH SRAVANA 1933 WP(C).No. 20074 of 2011(H) ---------------------------------------- PETITIONER(S): ------------------------ SAKKEER HUSSAIN M.S MOKKATH HOUSE, THAIKATTUKARA, ALUVA,COCHIN. BY ADV. SRI.BIJU .C. ABRAHAM RESPONDENT(S): --------------------------- 1. THE AUTHORISED OFFICER & CHIEF MANAGER ICICI BANK LTD, IST FLOOR, M.G.ROAD, PULIMOODU, TRIVANDRUM .695 001. 2. THE BRANCH MANAGER, ICICI BANK LTD IST FLOOR, M.G.ROAD,PULIMOODU, TRIVANDRUM. 695 001. 3. S.MAYA, ADVOCATE COMMISSIONER IN CRL M.P 1927/2011 CHEIF JUDICIAL MAGISTRATE COURT ERNAKULAM, COCHIN. 682 018. R1 & R2 BY ADV. SRI.LAL K.JOSEPH SRI.A.A.ZIYAD RAHMAN SMT.M.C.SANITHA SRI.K.K.M.SHERIF,SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sts WP(C)NO.20074/2011 APPENDIX PETITIONER'S EXHIBITS: P1 COPY OF THE STATEMENT OF ACCOUNTS EVIDENCING REPAYMENT BY THE PETITIONER. P2 COPY OF THE NOTICE DATED 8/7/2010 ISSUED BY THE 1ST RESPONDENT. P3 COPY OF THE ORDER DATED 9/6/2011 IN CRL.M.P.NO.1927/2011 OF THE CHIEF JUDICIAL MAGISTRATE COURT, ERNAKULAM. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.S.TO.JUDGE sts S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 20074 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 27th day of July, 2011. J U D G M E N T The petitioner challenges proceedings initiated by the respondents under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for recovery of loan amounts due from the petitioner to the respondents. The petitioner does not dispute the liability to pay or the quantum. He only seeks facility to regularise the loan account by paying the outstanding arrears of instalments and to permit him to continue payment of the instalments as per the original loan agreement. This is opposed by the counsel for the bank. 2. Taking a lenient view, I dispose of this writ petition with the following directions: The petitioner shall pay the amount required for regularising the loan account in 3 equal monthly instalments along with the regular instalment. On payment of the same, respondents 1 and 2 shall regularise the loan account of the petitioner and permit the petitioner to pay the balance instalments as per the original loan agreement on due dates. 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 of arrears of instalment amounts or regular instalments as directed above, it would open to the respondents to continue proceedings as now initiated without having to issue any fresh notice or proceedings W.P(C) No. 20074 of 2011 -: 2 :- in that regard. The arrears along with regular instalment shall be paid on 1.9.2011, 1.10.2011 and 1.11.2011. Sd/- S. Siri Jagan, Judge. Tds/