IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 28TH OCTOBER 2011 / 6TH KARTHIKA 1933 WP(C).No. 28801 of 2011(A) --------------------------------------- PETITIONER(S): ------------------------ ANTONY JOSHUA, T.C. 10/2179, RAJAN NIVAS, KANJIRAMPARA P.O, THIRUVANANTHAPURAM BY ADV. SRI.M.RAJAGOPALAN NAIR SRI.G.BIJU RESPONDENT(S): ---------------------------- 1. THE KERALA STATE CO-OPERATIVE BANK LTD, REPRESENTED BY ITS MANAGING DIRECTOR, HEAD OFFICE, CO-BANK TOWERS, PALAYAM THIRUVANANTHAPURAM.PIN- 695 033. 2. THE REGIONAL MANAGER/AUTHORIZED OFFICER, THE KERALA STATE CO-OPERATIVE BANK LTD, THIRUVANANTHAPURAM REGIONAL OFFICE, STATE CO-OPERATIVE BANK BUILDING, OVERBRIDGE JUNCTION,THIRUVANANTHAPURAM.PIN- 695 001. 3. THE BRANCH MANAGER, THE KERALA STATE CO-OPERATIVE BANK LTD, MEDICAL COLLEGE BRANCH,THIRUVANANTHAPURAM.PIN- 695 001. R1 TO R3 BY ADV. SRI.NAGARAJ NARAYANAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 28/10/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sts WP(C).No. 28801 of 2011 APPENDIX PETITIONER'S EXHIBITS: P1 COPY OF THE POSSESSION NOTICE DATED 29/9/2011 ISSUED BY THE 2ND RESPONDENT. P2 COPY OF THE STATEMENT ISSUED BY THE 2ND RESPONDENT. P3 COPY OF THE REQUEST DATED 20/10/2011 SUBMITTED TO THE 2ND RESPONDENT. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.S.TO.JUDGE sts S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 28801 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 28th day of October, 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 does not dispute the liability to pay or the quantum. The petitioner only seeks opportunity to regularise the loan account by paying the defaulted amounts and to pay the future instalments as per the original loan agreement. 2. This is opposed by the learned counsel for the bank. 3. However, taking a lenient view, I dispose of this writ petition with the following directions: If the petitioner pays the amounts stipulated by the bank for regularising the loan account in two equal monthly instalments along with regular instalments payable in accordance with the original loan agreement for November and December, 2011, 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 the W.P(C) No. 28801 of 2011 -: 2 :- 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/