IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 18TH JUNE 2008 / 28TH JYAISHTA 1930 WP(C).No. 18333 of 2008(G) ---------------------------------- PETITIONER: ---------------- N.S. ANIL KUMAR, QUARTER NO. 44/550-A, RAJEEV NAGAR, MELARANNOOR, KARAMANA P.O., THIRUVANANTHAPURAM. BY ADV. SRI.VELLAYANI SUNDARARAJU SMT.P.MEENAKUMARI SRI.K.J.VINCENT SRI.VELLAYANI ROBINSON RESPONDENTS: ------------------- 1. UNION BANK OF INDIA, TRIVANDRUM MAIN BRANCH, M.G. ROAD, STATUE THIRUVANANTHAPURAM. 2. THE AUTHORISED OFFICER, UNION BANK OF INDIA, TRIVANDRUM MAIN BRANCH, M.G. ROAD, STATUE THIRUVANANTHAPURAM. BY SRI. A.V. THOMAS FOR UBI. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/06/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. SIRI JAGAN, J. ------------------------------------ W.P.(C)No.18333 OF 2008 ---------------------------------------- Dated this the 18th day of June, 2008 JUDGMENT The petitioner is a defaulter in re-payment of loan amounts due from him to the 1st respondent bank. The bank has initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act. The petitioner is challenging those proceedings in this writ petition. However, the petitioner does not dispute the liability or the quantum. He only seeks time to pay the amounts. 2. This is opposed by the learned counsel for the respondents. According to him, after taking the loan, the petitioner has paid only two instalments despite the petitioner as well as his wife being well employed persons and it is under the above circumstances, the bank was forced to initiate proceedings under the Act. W.P.(c)No.18333/08 2 3. The learned counsel for the petitioner would submit that it is only because of serious illness caused to the petitioner that he could not pay the instalments. 4. Having heard both sides, I feel that some leniency can be shown to the petitioner to enable him to regularise the loan account by paying the defaulted instalments with interest, security charges and other expenses. Accordingly, the writ petition is disposed of with the following directions. The petitioner shall pay the defaulted instalments of loan up to date with interest as well as the charges incurred by the bank in the securitisation proceedings and other expenses within six weeks from today. If the petitioner so pays the arrears of defaulted instalments etc., the respondents shall regularise the loan account and allow the petitioner to continue paying future instalments on due dates in accordance with the loan agreement. If the petitioner complies with the above directions, further proceedings under the Act shall be kept in abeyance. However, if the petitioner fails to pay the arrears of instalments with interest etc., or any one of the future instalments in accordance with the loan agreement on the due dates, it would be open to the respondents to continue W.P.(c)No.18333/08 3 proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. The petitioner would be allowed to continue in possession of the property, provided he complies with the above directions. S. SIRI JAGAN, JUDGE Acd W.P.(c)No.18333/08 4