IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 19TH OCTOBER 2011 / 27TH ASWINA 1933 WP(C).No. 27240 of 2011(D) ------------------------------------- PETITIONER(S): --------------------- RASHEEDA.P.M,W/O.ABDUL SHABEER, POKKILLATH HOUSE,ENAMAKKAL PO. BY ADV. SMT.S.MUMTAZ RESPONDENT(S): -------------------------- 1. UNION BANK OF INDIA,REP.BY THE AUTHORISED OFFICER,PB NO.123, IST FLOOR, SAKTHAN ARCADE, THRISSUR. 2. DEPUTY TAHASILDAR(RR), TALUK OFFICE, CHAVAKKAD. R1 BY ADV. SRI.A.S.P.KURUP R2 BY GOVT. PLEADER SRI.S.JAMAL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss W.P.(C) NO.27240/2011 APPENDIX PETITIONER(S) EXHIBITS P1:-TRUE COPY OF THE STATEMENT OF ACCOUNTS. P2:-TRUE COPY OF THE DEMAND NOTICE. P3:-TRUE COPY OF NOTICE ISSUED BY THE COMMISSIONER P4:-TRUE COPY OF SEC.13(2) NOTICE. P5:-TRUE COPY OF THE REQUEST LETTER DTD.7/10/2011 SUBMITTED BY THE PETITIONER. RESPONDENTS' EXHIBITS NIL:- TRUE COPY P.A. TO JUDGE tss S.SIRI JAGAN, J. ================== W.P.(C).No. 27240 of 2011 ================== Dated this the 19th 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 1st 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 continues to pay the future instalments as per the original loan agreement on the due dates w.p.c.27240/11 - : 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 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