IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 5TH AUGUST 2009 / 14TH SRAVANA 1931 WP(C).No. 23462 of 2007(R) --------------------------------------- PETITIONER: ------------------- PADMADHARAN, AGED 51, S/O. KUTTAPPAN, DHANALAKSHMI, EDAKKUNNAM, CHARUMMOODU P.O., MAVELIKKARA. BY ADVS. MR.R.PADMAKUMAR, MR.R.T.PRADEEP, MR.V.VIJULAL. RESPONDENTS: ------------------------ 1. DISTRICT MAGISTRATE AND DISTRICT COLLECTOR, ALAPPUZHA. 2. TAHSILDAR, MAVELIKKARA. 3. DEPUTY SUPERINTENDENT OF POLICE, CHENGANNUR. 4. THE REGIONAL MANAGER, STATE BANK OF INDIA, REGIONAL BUSINESS OFFICE, BEACH ROAD, ALAPPUZHA. R1 TO R3 BY GOVT. PLEADER SMT. SMITHA SUKUMAR, R4 BY ADV. MR.K.K.CHANDRAN PILLAI. THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 05/08/2009,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C). NO.23462/2007-R: APPENDIX PETITIONERS' EXHIBITS: EXT.P.1: COPY OF THE NOTICE DTD. 12/09/2006. EXT.P.2: COPY OF THE NOTICE DTD. 28/03/2007 PUBLISHED IN MATHRUBHOOMI DAILY DTD. 30/03/2007. EXT.P.3: COPY OF THE ORDER DTD. 21/07/2007. RESPONDENTS' EXHIBITS: NIL. //TRUE COPY// P.S. TO JUDGE. Prv. S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W. P (C) No. 23462 of 2007 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 5th August, 2009. 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 4th respondent for recovery of loan amounts due from the petitioner to the 4th respondent. What the petitioner now seeks is facility to regularise the loan account by paying all the defaulted instalments with interest and to continue to pay the instalments of repayment of the loan amount in accordance with the original agreement. 2. On 1-8-2007, this Court granted an interim stay on condition that the petitioner pays an amount of Rs. 1 lakh within one month. The stay was extended on 14-9-2007 on condition that the petitioner deposits a further amount of Rs. 1 lakh within one month. The petitioner is stated to have paid the first amount of Rs. 1 lakh, but it is admitted that the second payment of Rs. 1 lakh as per order dated 14-9-2007 has not been made. Learned counsel for the petitioner submits that an amount of Rs. 50,000/- has been paid. 3. Learned counsel for the Bank submits that if the petitioner is prepared to pay an amount of Rs.50,000/-, the Bank is willing to regularise the loan account and allow the petitioner to pay off the balance instalments as per the original loan agreement on the due dates without default. In view of the concession made by the counsel for the Bank, I dispose of this writ petition with the following directions: The petitioner shall pay an amount of Rs. 50,000/- within two weeks from today. On such payment, the Bank shall regularise the loan account of the petitioner and allow the petitioner to pay the further instalments as per the original loan agreement without default. If the petitioner complies with the above directions without W.P.C. No. 23462/07 -: 2 :- fail, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of either the Rs. 50,000/- or any of the future instalments as per the loan agreement, it would open to the respondents to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Sd/- S. Siri Jagan, Judge. Tds/