IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 17TH OCTOBER 2011 / 25TH ASWINA 1933 WP(C).No. 27372 of 2011(V) --------------------------------------- PETITIONER(S): ------------------------ 1. SUJA.S,W/O.ANANDAKRISHNAN.P,30/933E, 'NANDANAM', P.O. CHEVAYOOR, KOZHIKODE.PIN- 673 017. 2. ANANDAKRISHNAN.P,30/933E, 'NANDANAM', P.O. CHEVAYOOR, KOZHIKODE.PIN- 673 017. BY ADVS. SRI.E.K.NANDAKUMAR SRI.JOHN MATHAI.K. SRI.BENNY P.THOMAS SRI.P.GOPINATH MENON RESPONDENT(S): ---------------------------- 1. UNION BANK OF INDIA, KARAMANA BRANCH, IST FLOOR, CHAKRATH TOWERS, KARAMANA P.O, THIRUVANANTHAPURAM- 695 002,REPRESENTED BY ITS MANAGER. 2. THE AUTHORISED OFFICER,UNION BANK OF INDIA, KARAMANA BRANCH,IST FLOOR, CHAKRATH TOWERS, KARAMANA P.O, THIRUVANANTHAPURAM- 695 002. BY ADV.SRI.A.S.P.KURUP,SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sts WP(C)NO.27372/2011 APPENDIX PETITIONER(S) EXHIBITS EXHIBIT P1 TRUE COPY OF THE RELEVANT PAGES OF THE PASSPORT OF THE PETITIONER BEARING NO.G3542214 DATED 3/8/2007 EXHIBIT P2 TRUE COPY OF THE NOTICE DATED 29/10/2010 ISSUED UNDER SECTION 13(2) OF THE ACT ,WHICH WAS HANDED OVER TO THE 2ND PETITIONER WHEN HE VISITED THE BANK IN THE MONTH OF FEBRUARY 2011. EXHIBIT P3 TRUE COPY OF THE STATEMENT OF ACCOUNTS IN RESPECT OF THE HOUSING LOAN FOR THE PERIOD FROM 28/1/2009 TO 25/8/2011 ISSUED BY THE IST RESPONDENT TO THE 2ND PETITONER EXHIBIT P4 TRUE COPY OF THE STATEMENT OF ACCOUNTS IN RESPECT OF THE PERSONAL LOAN FOR THE PERIOD FROM 31/1/2009 TO 12/3/2011 ISSUED BY THE IST RESPONDENT TO THE 2ND PETITIONER. EXHIBIT P5 TRUE COPY OF THE JUDGMENT OF THE MADRAS HIGH COURT IN V.NOBLE KUMAR VS. THE AUTHORISED OFFICER,STANDARD CHARTERED BANK,AUTO & MORTGAGE COLLECTIONS,CHENNAI & OTHERS,REPORTED IN CDJ -2010-MHC 4627 DATED 27/7/2010 RESPONDENTS' EXHIBITS : NIL /TRUE COPY/ P.A.TO.JUDGE sts S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.27372 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 17th 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 respondents 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 three equal monthly instalments along with regular instalments payable in accordance with the original loan agreement for November, December 2011 & January 2012, 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 W.P.(C)No.27372 of 2011 -2- continues to pay the 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. Other questions raised by the petitioners in this writ petition are left open to be agitated if necessity arises again. Sd/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/