IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 20TH OCTOBER 2011 / 28TH ASWINA 1933 WP(C).No. 27920 of 2011(L) -------------------------------------- PETITIONER: ------------------- SHEELA.P.MADHU, AGED 41 YEARS, W/O.MADHU, PULICKAL HOUSE, ARATTUVAAZHY P.O., ALAPPUZHA. BY ADVS. SRI.P.KRISHNA KUMAR (ALAPPUZHA), SRI.R.SURAJ KUMAR. RESPONDENT: ---------------------- THE KERALA STATE CO-OPERATIVE BANK LTD., ALAPPUZHA BRANCH, NEAR IRON BRIDGE, ALAPPUZHA, PIN-688 001, REPRESENTED BY ITS BRANCH MANAGER. BY ADV. SRI.NAGARAJ NARAYANAN,S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 20/10/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C).NO.27920/2011-L: APPENDIX PETITIONER'S EXHIBITS:- EXHIBIT P1: TRUE COPY OF NOTICE DATED 27/1/2011 ISSUED BY THE RESPONDENT. EXHIBIT P2: TRUE COPY OF THE LAWYER'S NOTICE ISSUED FOR THE RESPONDENT DATED 9/3/2011. RESPONDENT'S EXHIBITS:- NIL. //TRUE COPY// P.A. TO JUDGE Prv. S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.27920 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 20th 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 respondent 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 am of opinion that the respondent can show some more leniency to the petitioner in the matter of regularising the loan account. Accordingly, 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 within one month, 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 complies with the above directions and continue to pay the future instalments as per the original loan agreement on the due dates W.P.(C)No.27920 of 2011 -2- 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 respondent to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Sd/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/