IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 16TH JUNE 2008 / 26TH JYAISHTA 1930 WP(C).No. 17942 of 2008(J) ------------------------------------ PETITIONER: ------------------- JASMIN.K SARANGOM, EDALIKODE, OORATTAMBALAM.P.O. THIRUVANANTHAPURAM. BY ADV. SRI.M.R.SASITH PANICKER SRI.M.R.SARIN PANICKER RESPONDENTS: ----------------------- 1. MANAGER, UNION BANK OF INDIA, MAIN BRANCH THIRUVANANTHAPURAM 2. AUTHORISED OFFICER, UNION BANK OF INDIA, MAIN BRANCH, THIRUVANANTHAPURAM. BY SRI. A.S.P.KURUP THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 16 / 6/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J ================== W.P.(C) No.17942 of 2008 ================== Dated this the 16th day of June, 2008. J U D G M E N T The petitioner availed a housing loan from the 1st respondent - Bank. The petitioner defaulted repayment of the same. Therefore, the respondents initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The security interest is to be sold on 19.6.2008. The petitioner seeks a direction to the respondents to regularise the loan account of the petitioner paying the defaulted instalments with interest, expenses in the securitisation proceedings etc. This is opposed by the counsel for the bank contending that the loan account has already been declared as NPA and now the process cannot be reversed. However, taking a lenient view, I dispose of this writ petition with the following directions. If the petitioner pays all the defaulted instalments with W.P.(C) No.17942 of 2008 2 interest, expenses incurred in the securitisation proceedings and other expenses incurred by the 1st respondent bank, before 19.6.2008, the sale shall be postponed. On receipt of the said amounts the loan account shall be regularised by the 1st respondent. The petitioner shall thereafter continue to pay the future instalments of repayment of the loan in accordance with the loan agreement on the due dates without default. If the petitioner complies with the above directions, further proceedings pursuant to the notice under the Act shall be kept in abeyance. However, if the petitioner fails to pay the defaulted instalments with interest etc or any of the subsequent instalments as per the loan agreement on the due date, as directed above it would be open to the respondents to continue the proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. S.SIRI JAGAN, JUDGE rhs