IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 9TH DECEMBER 2011 / 18TH AGRAHAYANA 1933 WP(C).No. 32947 of 2011(P) ---------------------------------------- CMP.5158/2011 OF CHIEF JUDICIAL MAGISTRATE COURT, ALAPPUZHA .................... PETITIONER(S): ----------------------- S. ANILKUMAR, NIKARTHIL, CMC 23, CHERTHALA P.O., ALAPPUZHA DISTRICT. BY ADV. SRI.D.SUNILKUMAR, SRI.K.C.SUDHEER. RESPONDENT(S): -------------------------- 1. THE ALLEPPEY DISTRICT CO-OPERATIVE BANK LTD., (REPRESENTED BY ITS MANAGER), ALLEPPEY DISTRICT CO-OPERATIVE BUILDING, ALAPPUZHA-688 001. 2. THE AUTHORISED OFFICER, THE ALLEPPEY DISTRICT CO-OPERATIVE BANK LTD., ALLEPPEY DISTRICT CO-OPERATIVE BUILDING, ALAPPUZHA – 688 001. BY ADV. MR.P.K. VIJAYAMOHANAN, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 09/12/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: rs WP(C).No. 32947 of 2011(P) APPENDIX PETITIONER'S EXHIBITS: EXT.P1 TRUE COPY OF THE DISPORTION NOTICE ISSUED BY THE ADVOCATE COMMISSIONER. EXT.P2 TRUE COPY OF THE REGISTERED NOTICE ISSUED BY THE ALLEPPEY DISTRICT CO-OPERATIVE BANK DATED 18/10/2011. EXT.P3 TRUE COPY OF THE TAX RECEIPT DATED 28/5/2008 ISSUED BY THE VILLAGE OFFICE, CHERTHALA. RESPONDENT'S EXHIBITS:- NIL. //TRUE COPY// P.A. TO JUDGE rs S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.32947 of 2011 ---------------------------------------------- Dated this the 9th day of December, 2011 JUDGMENT The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondents for recovery of loan amounts due from the petitioner to the respondents. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks 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. However, taking a lenient view, I dispose of this writ petition with the following directions: If the petitioner pays the amounts stipulated by the bank for regularising both the loan accounts in two equal monthly instalments along with regular instalments payable in accordance with the original loan agreements for January and February, 2012, the respondent shall permit the petitioner to regularise the W.P.(C)No.32947/11 2 loan account and to pay off the future instalments as per the original loan agreement. If the petitioner complies 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 petitioner commits default in payment of either the defaulted amounts or any of the future instalments as per the original loan agreement, 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. S. SIRI JAGAN, JUDGE acd W.P.(C)No.32947/11 3 W.P.(C)No.32947/11 4