IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 23RD NOVEMBER 2011 / 2ND AGRAHAYANA 1933 WP(C).No. 30377 of 2011(V) -------------------------------------- PETITIONERS: --------------------- 1. SUNDARAN, S/O.AYYAPPAN, CHEMMINIYADAN HOUSE, KUTTICHIRA, CHALAKUDY, THRISSUR. 2. AJITHA, W/O.SUNDARAN, CHEMMINIYADAN HOUSE, KUTTICHIRA, CHALAKUDY, THRISSUR. BY ADVS. SRI.JIJO PAUL, SMT. RESMI DAMODARAN.T. RESPONDENTS: ------------------------ 1. THE MANAGER, THE THRISSUR DISTRICT CO-OPERATIVE BANK LTD., H.O. KURUPPAM ROAD, THRISSUR-680 724. 2. THE THRISSUR DISTRICT CO-OPERATIVE BANK LTD., H.O. KURUPPAM ROAD, THRISSUR-680 724, REP. BY MANAGER. R1 & R2 BY ADV. SRI.P.C.SASIDHARAN, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 23/11/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C).NO.30377/2011-V: APPENDIX PETITIONERS' EXHIBITS:- EXT.P1: TRUE COPY OF THE PASSBOOK OF HOUSING LOAN NO.933 IN THE NAME OF THE PETITIONER ISSUED BY THE RESPONDENT BANK. EXT.P2: TRUE COPY OF THE NOTICE DATED 12.1.2011 ISSUED BY THE AUTHORISED OFFICER OF THE RESPONDENT BANK. EXT.P3: TRUE COPY OF THE NOTICE HAVING REFERENCE NO.SECV/CKDY/HL-933/2010-11 DATED 28.2.2011 ISSUED BY THE AUTHORISED OFFICER OF THE RESPONDENT BANK. EXT.P4: TRUE COPY OF THE NOTICE DATED 18.6.2011 ISSUED BY THE ADVOCATE COMMISSIONER IN C.M.P.NO.2812/2011 IN THE COURT OF CHIEF JUDICIAL MAGISTRATE, THRISSUR. RESPONDENTS' EXHIBITS:- NIL. //TRUE COPY// P.S. TO JUDGE Prv. S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 30377 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 23rd 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 respondents for recovery of loan amounts defaulted by the petitioner. The petitioners do 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 within one month along with regular instalments payable in accordance with the original loan agreement, the respondents 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 compliy with the above directions and continue to pay the 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 amount or any of the future instalments as per the loan agreement, it would be open to the W.P(C) No. 30377 of 2011 -: 2 :- 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/