IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 6TH JULY 2011 / 15TH ASHADHA 1933 WP(C).No. 17981 of 2011(W) -------------------------------------- CMP.66/2011 of C.J.M.,KOZHIKODE .................... PETITIONER(S): --------------------- 1. RAMSHI.M.P., PUTHIYAPURAYIL HOUSE, P.O.KUMARANELLORE, KOZHIKODE DISTRICT, PIN-673 602. 2. FILSY RAHMAN M.A., PUTHIYAPURAYIL HOUSE, P.O.KUMARANELLORE, KOZHIKODE DISTRICT, PIN-673 602. BY ADV. SRI.M.V.BOSE SRI.VINOD MADHAVAN RESPONDENT(S): -------------------------- 1. UNION BANK OF INDIA, REPRESENTED BY THE AUTHORISED OFFICER, REGIONAL OFFICE, NADAKKAVU, KOZHIKODE, PIN-673 011. 2. UNION BANK OF INDIA, REPRESENTED BY ITS PRINCIPAL OFFICER, UNIONLOAN POINT PALAYAM BRANCH, M.M.ALI ROAD, KOZHIKODE, PIN-673 001. ADV. SRI.A.S.P.KURUP THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss W.P.(C) NO.17981/2011 APPENDIX PETITIONER'S EXHIBITS P1:- COPY OF THE NOTICE, DTD. 1.2.2011, ISSUED BY THE ADVOCATE COMMISSIONER. P2:- COPY OF THE STATEMENT OF ACCOUNT OF THE PETITIONER. RESPONDENT'S EXHIBITS NIL:- TRUE COPY P.S. TO JUDGE tss S. SIRI JAGAN, J. ........................................... W.P.(C).NO.17981 OF 2011 ............................................. Dated this the 6th day of July, 2011. JUDGMENT The petitioners are challenging the proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by respondents 1 and 2 for recovery of loan amounts due from the petitioners to respondents 1 and 2. The petitioners do not dispute the liability to pay or the quantum. They only want time to pay the defaulted instalments to regularise the loan account and to pay off the balance amounts in instalments in accordance with the original loan agreement on the dates stipulated. This is opposed by the counsel for the Bank. However, taking a lenient view, I dispose of this writ petition with the following directions: 2. The petitioners shall pay the entire defaulted amounts with interest within one month from today along with the regular instalment due. On receipt of the said amounts, the Bank shall regularise the loan account of the petitioners and allow the petitioners to continue to pay the instalments as W.P.(C).NO.17981 OF 2011 : 2 : per the original loan agreement. If the petitioners comply with the above directions strictly and continue to pay instalments as per the original agreement on due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioners commit default in payment of any one of the instalments, it would be open to the respondents to continue the proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Sd/= S. SIRI JAGAN, JUDGE. /true copy/ P.S. to Judge cl