IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 1ST SEPTEMBER 2011 / 10TH BHADRA 1933 WP(C).No. 23787 of 2011(W) --------------------------------------- PETITIONER: ------------------- ASHRAF MOHAMMED, AGED 45 YEARS, S/O. BEERANKUTTY, AYSHA MANZIL, NEAR PULKOPALAM, POST THAZHE CHOVVA, KANNUR – 670 018. BY ADVS. SRI.M.RAMESH CHANDER, SMT. K.A. SANJEETHA. RESPONDENTS: ------------------------ 1. STATE BANK OF TRAVANCORE, KANNUR MAIN BRANCH, REPRESENTED BY ITS MANAGER – 670 001. 2. TAHSILDAR (REVENUE RECOVERY), KANNUR – 670 001. R1 BY SRI. T. SETHUMADHAVAN, S.C, R2 BY GOVT. PLEADER SRI. C.K. GOVINDAN. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01/09/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C). NO.23787/2011-W: APPENDIX PETITIONERS' EXHIBITS: EXT.P.1: COPY OF THE REVENUE RECOVERY NOTICE NO.D5-7/11-12/B2 DTD. 03/08/2011. EXT.P.2: COPY OF THE COMMUNICATION ISSUED BY R.1. TO THE PETITIONER DTD. 16/08/2011. EXT.P.3: COPY OF THE COMMUNICATION DTD. 29/06/2011 ISSUED BY R.1. RESPONDENTS' EXHIBITS: NIL. //TRUE COPY// P.A. TO JUDGE. Prv. S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 23787 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 1st day of September, 2011. J U D G M E N T The petitioner challenges proceedings under the Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 initiated by the 1st respondent for recovery of loan amounts due from the petitioner to the 1st respondent. The petitioner only seeks facility to regularize the loan account by paying the defaulted amounts and to continue to pay the future instalments on due dates as per the loan agreement. This is opposed by the counsel for the bank. 2. Having heard both sides, I dispose of this writ petition with the following directions: The petitioner shall pay the amount required to regularize the loan account by paying the defaulted outstanding instalment amounts with interest and costs, if any, in two instalments along with the regular instalments as per the loan agreement, payable in September and October, 2011. On such payment, the 1st respondent shall regularize the loan account of the petitioner and permit him to continue to pay the future instalment on due dates without default. If the petitioner pays the outstanding defaulted instalments of repayment of loan with interest and costs, if any, and continues to pay the future instalments on due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of the outstanding amounts as above or any of the W.P(C) No. 23787 of 2011 -: 2 :- future instalments, 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. Tds/