IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 2ND NOVEMBER 2011 / 11TH KARTHIKA 1933 WP(C).No. 29110 of 2011(K) -------------------------- CMP.1895/2011 of CHIEF JUDL.MAGISTRATE, ERNAKULAM .................... PETITIONER(S): ------------------------- 1. MRS.JANCY JOLY, AGED 44 YEARS, W/O.JOLLY POULOSE, ARACKAL HOUSE, RESIDING AT CHAKKUKKETTY KAVALA, MALAYATTOOR-683 587, KALADY VIA, ERNAKULAM DISTRICT. 2. JOLY PAULOSE, AGED 50 YEARS, RESIDING AT ARACKAL HOUSE, RESIDING AT CHAKKUKKETTY KAVALA, MALAYATTOOR-683 587, KALADY VIA, ERNAKULAM DISTRICT. BY ADV. SRI.JEFF JOSEPH RESPONDENT(S): ---------------------------- M/S.PUNJAB NATIONAL BANK, ANKAMALI BRANCH, MENACHERY BUILDING, BANK JUNCTION, ANGAMALI, ERNAKULAM DISTRICT, REPRESENTED BY ITS AUTHORIZED OFFICER, CIRCLE OFFICE, ERNAKULAM, 40/1461, 2ND FLOOR MARKET ROAD, COCHIN-682011, KERALA. BY ADV. SRI. N.RAJENDRAN, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss WPC.NO.29110/2011 K APPENDIX PETITIONER'S EXHIBITS: EXT.P1: TRUE COPY OF OPMV 646/2010 DATED 25-05-2010 FILED BY PETITIONER'S BEFORE THE MACT PERUMBAVOOR. EXT.P2: TRUE COPY OF CERTIFICATE DATED 6-7-2010 ISSUED BY CMS COLLEGE OF ENGINEERING, COIMBATURE, TO PETITIONER SHOWING FEE STRUCTURE. EXT.P2(A): TRUE COPY OF RECEIPT DATED 10-12-2010 ISSUED BY CMS COLLEGE OF ENGINEERING, COIMBATURE SHOWING RECEIPT OF RS.1,18,500/- PAID BY PETITIONERS FOR THEIR ELDEST CHILD. EXT.P2(B): TRUE COPY OF CERTIFICATE DATED 26-05-2011 ISSUED BY CMS COLLEGE OF ENGINEERING, COIMBATURE SHOWING FEE STRUCTURE OF RS.1,19,500/ FOR YEAR 2011-12. EXT.P3: THE TRUE COPY OF NOTICE DATED 30-8-2007 ISSUED BY THE RESPONDENT TO THE PETITIONERS DEMANDING RS.4,85,499/-. EXT.P4: TRUE COPY OF POSSESSION NOTICE DATED 21-2-2008 ISSUED BY RESPONDENT TO PETITIONERS U/S 13(2) OF SECURITIZATION & RECONSTRUCTION OF FINANCIAL ASSETS & ENFORCEMENT OF SECURITY INTEREST ACT 2002. EXT.P5: TRUE COPY OF THE REPRESENTATION DATED 20-10-2011 SUBMITTED BY PETITIONERS BEFORE THE RESPONDENT. RESPONDENTS' EXHIBITS: N I L /TRUE COPY/ P.A.TO JUDGE Kss S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 29110 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 2nd day of November, 2011 J U D G M E N T The petitioners challenge 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 petitioners. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek 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 petitioners pay 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 December, 2011 and January, 2012, the respondent shall permit the petitioners to regularise the loan account and to pay off the future instalments as per the original loan agreement. If the petitioners comply with the above directions and continues to pay the W.P.(C)No. 29110 of 2011 -2- future instalments as per the original loan agreement on the due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioners commit 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/