IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 29TH NOVEMBER 2011 / 8TH AGRAHAYANA 1933 WP(C).No. 31684 of 2011(I) -------------------------------------- PETITIONER(S): ------------------------ S.SATHEESH,S/O.K.K.SEKHARAN,AGED 46 YEARS, SUKRUTHAM,MAYITHARA.P.O,CHERTHALA-688539. BY ADV. SRI.S.R. AJITH. RESPONDENT(S): -------------------------- 1. STATE BANK OF INDIA, REPRESENTED BY AUTHORISED OFFICER/CHIEF MANAGER,REGIONAL BUSINESS OFFICE,BEACH ROAD,ALAPPUZHA-688 012. 2. BRANCH MANAGER,STATE BANK OF INDIA, CHERTHALA-688 524. BY SRI.K.K.CHANDRAN PILLAI, SENIOR ADVOCATE BY ADV.SRI.A.S.SAJESH PAUL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss W.P.(C) NO.31654/2011 APPENDIX PETITIONER'S EXHIBITS P1:- COPY OF THE NOTICE DTD. 30.8.2010 ISSUED BY THE IST RESPONDENT. P2:- COPY OF THE NOTICE DTD. 22.11.2011 ISSUED BY THE ADVOCATE COMMISSIONER APPOINTED IN CMP. 5051/11 ON THE FILE OF COURT OF CJM, THIRUVANANTHAPURAM. RESPONDENT'S EXHIBITS NIL:- TRUE COPY P.A. TO JUDGE tss S.SIRI JAGAN, J. ================== W.P.(C).No. 31684 of 2011 ================== Dated this the 29th day of November, 2011 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 respondents for recovery of loan amounts defaulted by the petitioner. The petitioner only seeks facility to regularise the loan account by paying the defaulted amounts and to pay the future instalments as per the original loan agreement. 2. The learned Standing Counsel for the bank opposes the same. 3. Having heard both sides, I dispose of this writ petition with the following directions: If the petitioner pays ` 2 lakhs within one month, the respondents shall permit the petitioner to regularise the loan account and to pay off the future instalments as per the original loan agreement. If the petitioner complies with the above directions and 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 petitioner commits default in payment of either the defaulted amounts or any of the future instalments as per the loan agreement, it would be open to w.p.c.31684/11 - : 2 :- the respondents to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge