IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 19TH JULY 2011 / 28TH ASHADHA 1933 WP(C).No. 15334 of 2011(N) ---------------------------------------- PETITIONER(S): ------------------------ 1. SURABHI, W/O. DEVAN, KALATHIL KUNDIL HOUSE, P.O.VANIAMKULAM, OTTAPALAM TALUK, PALAKKAD DISTRICT. 2. K.DEVAN, S/O. RAMAN, KALATHIL KUNDIL HOUSE, P.O.VANIAMKULAM,OTTAPALAM TALUK, PALAKKAD DISTRICT. BY ADV. SRI.P.JAYARAM RESPONDENT(S): --------------------------- STATE BANK OF INDIA, P.O.SHORANUR. PIN-679 121, PALAKKAD DISTRICT, REPRESENTED BY ITS CHIEF MANAGER. BY ADV.SRI.P.V.SURENDRANATH,SC FOR SBI THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19/07/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sts WP(C)NO.15334/2011 APPENDIX PETITIONER'S EXHIBITS: P1 COPY OF THE PASS BOOKOF A/C NO.30013238981 ISSUED TO THE PETITIONERS FROM RESPONDENT BANK. P1(A) COPY OF THE STATEMENT OF ACCOUNT FROM 01/04/2007 TO 04/08/2007. P1(B) COPY OF THE RECEIPT DATED 28/01/2009 P1(C) COPY OF THE RECEIPT DATED 30/08/2008. P2 COPY OF THE MEDICAL REPORT DATED 29/03/2010 ISSUED TO THE PETITIONER FROM JUBILE MISSION MEDICAL COLLEGE RESEARCH INSTITUTE. P3 COPY OF THE MEDICAL REPORT DATED 26/4/2010 ISSUED TO THE 2ND PETITIONER FROM AMRITA INSTITUTE OF MEDICAL SCIENCES, KOCHI. P4 COPY OF THE NOTICE DATED 24/11/2008 ISSUED BY THE BANK TO THE PETITIONERS UNDER SECTION 13(4) OF SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002. P5 COPY OF THE ORDER DATED 30/07/2010 IN C.M.P.2404/2010 ISSUED BY CHIEF JUDICIAL MAGISTRATE, PALAKKAD. P6 COPY OF THE REPRESENTATION DATED 15/2/2011 SUBMITTED BY 1ST PETITIONER BEFORE THE RESPONDENT BANK. RESPONDENT'S EXHIBITS AND ANNEXURES: ANNEX A1: COPY OF THE COUNTER FOIL DATED 24/06/2011 ISSUED FROM RESPONDENT BANK. ANNEX A2: COPY OF THE COUNTER FOIL ISSUED FROM THE RESPONDENT BANK DATED 27/06/2011. /TRUE COPY/ P.A.TO.JUDGE sts S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.15334 OF 2011 ---------------------------------------------- Dated this the 19th day of July, 2011 JUDGMENT The petitioners challenge proceedings initiated by the respondent bank under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act for recovery of loan amounts due from the petitioners to the respondent bank. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek facility to regularise the loan account by paying the defaulted amounts and to continue to pay the instalments as per the original loan agreement. 2. This is strongly opposed by the learned counsel for the bank. He points out that the bank has not received Ext.P6 representation at all. According to him, earlier the petitioners have filed two representations both of which were considered and orders passed. He submits that the petitioners have not complied with their promises and therefore, they are not entitled to any W.P.(C)No.15334/11 2 further indulgence by this Court. This Court has passed interim orders directing the petitioners to pay certain amounts as a condition for stay. It is admitted that the amounts have been paid, although belatedly. 3. Having considered the rival contentions, I am of opinion that the respondent can show some more leniency to the petitioners to enable the petitioners to regularise the loan account by paying the defaulted instalments with interest due as per the agreement. Accordingly, this writ petition is disposed of with the following directions: The petitioners shall pay the balance amount required for regularising the loan account with interest as per the original loan agreement within one month from today. The petitioners shall continue to pay the instalment amounts as per the original loan agreement without default on due dates. If the petitioners comply with the above directions strictly, further proceedings under the Act shall be kept in abeyance. However, if the petitioners commit default in payment of the amounts due for regularising the loan account or any of the instalments as per the original loan agreement, it would be W.P.(C)No.15334/11 3 open to the respondent to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. S. SIRI JAGAN, JUDGE acd W.P.(C)No.15334/11 4