IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 28TH NOVEMBER 2011 / 7TH AGRAHAYANA 1933 WP(C).No. 31523 of 2011(M) --------------------------------------- PETITIONER(S): ----------------------- N.VIJAYAKUMARI, W/O. S.K. VIJAYAN, 'SREE NIRVRUTHI', KACHERIPADI, ARANMULA, PATHANAMTHITTA. BY ADV. SMT. MUMTAZ SHUMSUDDIN RESPONDENT(S): ------------------------- SYNDICATE BANK, MALLAPPUZHASSERY BRANCH, PATHANAMTHITTA, REP. BY THE AUTHORISED OFFICER, REGIONAL OFFICE, SASTHAMANGALAM, THIRUVANANTHAPURAM-695 034. BY ADV. SRI. R.S. KALKURA, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 28/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: VPV WPCNO.31523/2011 APPENDIX PETITIONER'S EXHIBITS: EXT.P1: COPY OF THE STATEMENT OF ACCOUNTS. EXT.P2: COPY OF THE ORDER IN MC NO. 203/2011. EXT.P3: COPY OF NOTICE ISSUED BY THE COMMISSIONER. EXT.P4: COPY OF RECIEPTS OF PAYMENT. EXT.P5: COPY OF THE REQUEST LETTER. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A. TO JDUGE VPV S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 31523 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 28th 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 respondent 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 Rs. 70,000/- within one month, along with regular instalment payable in accordance with the original loan agreement, the respondent 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 pays Rs. 70,000/- within one month 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 Rs. 70,000/- or any of the future instalments as per the loan agreement, it would be open to the respondent to W.P(C) No. 31523 of 2011 -: 2 :- continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Sd/- S. Siri Jagan, Judge. Tds/