IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 20TH DECEMBER 2011 / 29TH AGRAHAYANA 1933 WP(C).No. 34029 of 2011(C) -------------------------- CMP.5195/2010 of C.J.M.,TRIVANDRUM .................... PETITIONER(S): ------------------------ 1. S. SIVANYA, T.C. 28/2847, SARASWATHI SADANAM, NEAR OLD GPO, VANCHIYOOR.P.O., THIRUVANANTHAPURAM. 2. S. VIJAYALAKSHMI, UDAYAGIRI, T.C. 7/1044, CHITTATTINKARA, MARUTHANKUZHI, THIRUVANANTHAPURAM. 3. V. SADASIVAN NAIR, T.C. 28/2847, SARASWATHI SADANAM, NEAR OLD GPO, VANCHIYOOR, THIRUVANANTHAPURAM. BY ADV. SRI.S.D.ASOKAN RESPONDENT(S): ---------------------------- 1. SYNDICATE BANK, REPRESENTED BY THE BRANCH MANAGER, PALAYAM BRANCH, SYNDICATE BANK, OPP: CHANDRASEKHAR NAIR STADIUM, M.G. ROAD, PALAYAM, THIRUVANANTHAPURAM-695 033. 2. THE AUTHORIZED OFFICER, ASSISTANT GENERAL MANAGER,SYNDICATE BANK, REGIONAL OFFICE, SASTHGAMANGALAM, THIRUVANANTHAPURAM-695 010. R1 & R2 BY ADV. SRI. R.S. KALKURA, SC, SYNDICATE BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 20/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss WPC.NO.34029/2011 C APPENDIX PETITIONER'S EXHIBITS: EXT.P1 TRUE COPY OF THE STATEMENT OF ACCOUNTS DATED 29-11-2011 ISSUED BY THE 1ST RESPONDENT IN RESPECT OF THE LOAN ACCOUNT NO. 40137220002973 OF THE 1ST PETITIONER FROM JANUARY 2007 TO OCTOBER 2011. EXT.P2 TRUE COPY OF THE PETITION FILED BY THE 2ND RESPONDENT BEFORE THE COURT OF CHIEF JUDICIAL MAGISTRATE THIRUVANANTHAPURAM DATED 16-11-2010. EXT.P3 TRUE COPY OF THE NOTICE DATED 11-10-2011 ISSUED BY ADVOCATE COMMISSIONER APPOINTED BY THE COURT OF CHIEF JUDICIAL MAGISTRATE TO THE 1ST PETITIONER. RESPONDENTS' EXHIBITS: N I L /TRUE COPY/ P.A.TO JUDGE Kss S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.34029 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 20th day of December, 2011 J U D G M E N T The petitioners are aggrieved by the proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) initiated by the respondents for recovery of loan amounts due from the petitioners. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek facility to regularise the loan account and to pay off the future instalments as per the original loan agreement. 2. This is opposed by the learned counsel for the Bank. He further submits that even if this Court is inclined to allow the petitioners to regularise the loan account, the petitioners have to pay an amount of Rs.5 lakhs for the same. The petitioners seek installment facility for payment of that amount. Having heard both sides, I dispose of this writ petition W.P.(C)No.34029 of 2011 -2- with the following directions: The petitioners shall pay an amount of Rs.2,50,000/- on 16.01.2012 and another Rs.2,50,000/- on 16.02.2012 as also the regular installments due in January and February as per the original loan agreement. If the petitioners pay the said amounts on those dates, the respondents shall regularise the loan account and allow the petitioners to continue payment of future instalments as per the original loan agreement. If the petitioners pay the above amounts and the future installments as per the loan agreement, further proceedings under the Act shall be kept in abeyance. However if the petitioners commit default in payment of any of the installments as directed above on due dates, 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/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/