IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 28TH SEPTEMBER 2011 / 6TH ASWINA 1933 WP(C).No. 24774 of 2011(V) -------------------------- PETITIONER(S): --------------- UNNIKRISHNA PILLAI S/O. VASUDEVA PILLAI AGED 60 YEARS SHYAMALAVILASAM PALAKKODE P.O. , VENGARA (VIA) KALLACHI (VIA), KANNUR DISTRICT - 670 305. BY ADV. SRI.P.R.SREEJITH SRI.K.V.MANOJ KUMAR SRI.M.PROMODH KUMAR RESPONDENT(S): --------------- 1. THE BRANCH MANAGER STATE BANK OF TRAVANCORE MADAYI (PUTHIANGADI) BRANCH KOYI BAZAR, MADAI P.O., KANNUR DISTRICT - 670 304. 2. THE AUTHORISED OFFICER CHIEF MANAGER (ADVANCES) STATE BANK OF TRAVANCORE REGIONAL OFFICE, KVR TOWER, KANNUR - 2. ADV. SRI.T.SETHUMADHAVAN FOR R1-2 SRI.PUSHPARAJAN KODOTH FOR R1-2 SRI.K.JAYESH MOHANKUMAR FOR R1-2 THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 28/09/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C) NO. 24774/2011 APPENDIX PETITIONER(S) EXHIBITS EXHIBIT P1 : A TRUE COPY DEMAND NOTICE DATED 30.04.211 OF THE SECOND RESPONDANT. EXHIBIT P2 : A TRUE COPY OF THE PETITIONER'S REPRESENTATION DATED 02.09.2011 TO THE RESPONDANTS TO RESCHEDULE AND RESTRUCTURE THE LOAN AND RESTORE THE EMI REMITTANCE. RESPONDANT(S) EXHIBITS : NIL /True copy/ P.A. to judge dnc S.SIRI JAGAN, J. ----------------------------------- W.P(c)No.24774 of 2011 --------------------------------- Dated this the 28th day of September, 2011 JUDGMENT The petitioner challenges the proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, initiated by the respondents for recovery of loan amounts due from the petitioner to the respondents. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to regularize the loan account by paying the defaulted arrears of instalments of repayment and to continue to pay the future instalments on due dates as per the original loan agreement. 2. This is opposed by the counsel for the bank. However, taking a lenient view, I dispose of this Writ Petition with the following directions: The petitioner shall pay the amounts required for regularising the loan account as directed by the respondents, within one month from today. On such payment, the respondents shall regularize the loan account of the petitioner and allow the W.P(c)No.24774 of 2011 2 petitioner to continue to pay the future instalments of repayment of loan as per the original agreement on due dates. If the petitioner pays the arrears of defaulted instalments within the period stipulated above and the future instalments on due dates as per the original loan agreement without any default, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of the defaulted arrears of repayment of instalments or any of the future instalments on due dates, it would be open to respondents 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 ln