IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR.JUSTICE S.SIRI JAGAN FRIDAY, THE 16TH DECEMBER 2011 / 25TH AGRAHAYANA 1933 WP(C).No. 33799 of 2011(Y) --------------------------------------- CMP.7883/2011 of C.J.M.,KOLLAM .......................................................... PETITIONER(S): --------------------- MRS.NALINI B., RAGHU VILASOM, AMBALA PURAM, ETC P.O., KOTTARAKARA, KOLLAM. BY ADV. SRI.SYAM J SAM RESPONDENT(S): ------------------------ AUTHORISED OFFICER, CHIEF MANAGER, UNION BANK LTD., KOTTARAKARA, KOLLAM-691001. BY ADV. SRI.A.S.P. KURUP, S.C, UNION BANK LIMITED THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 16/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: SP WP(C).No. 33799 of 2011(Y) APPENDIX PETITIONER'S EXHIBIT: EXT. P1 - COPY OF THE NOTICE DATED 15/11/2011 UNDER THE SECURITIZATION ACT ISSUED TO THE PETITIONER BY THE ADVOCATE COMMISSIONER. RESPONDENT'S EXHIBIT: NIL SP TRUE COPY P.A TO JUDGE S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 33799 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 16th day of December, 2011. J U D G M E N T The petitioner challenges 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 petitioner. 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. 3. 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 the loan account in two equal monthly instalments along with regular instalments payable in accordance with the original loan agreement for 2.1.2012 and 1.2.2012, the respondent shall permit the petitioner to regularise the loan account and to pay off the future instalments as per the original loan agreement. If the petitioner complies with the above directions and continues 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 loan agreement, it would be open to the W.P(C) No. 33799 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/