IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 21ST JULY 2011 / 30TH ASHADHA 1933 WP(C).No. 7009 of 2011(A) -------------------------------------- PETITIONER(S): ------------------------ ASHLEY MADHU, AMBADY, 62/1756, LIBERTY LANE, ASOKA ROAD, KALOOR, COCHIN-682 017. BY ADV. SRI.VIJAI MATHEWS RESPONDENT(S): --------------------------- 1. THE AUTHORIZED OFFICER, PNB HOUSING FINANCE LTD., 40/9006, 1ST FLOOR, NEDUMCHALIL CHAMBERS, MULLASSERY CANAL ROAD, COCHIN-682 011. 2. PNB HOUSING FINANCE LTD., 40/9006, 1ST FLOOR, NEDUMCHALIL CHAMBERS, MULLASSERY CANAL ROAD, COCHIN- 682 011, REPRESENTED BY ITS MANAGER. R1 & R2 BY ADV. SRI.C.AJITH KUMAR THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21/07/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sts WP(C)NO.7009/2011 APPENDIX PETITIONER'S EXHIBITS: P1 COPY OF THE ACCOUNT STATEMENT DATED 6/11/2010. P2 COPY OF THE RECEIPT DATED 17/1/2011 P3 COPY OF THE RECEIPT DATED NIL P4 COPY OF THE POSSESSION NOTICE DATED 25/02/2011. RESPONDENT'S EXHIBITS: R1(A) COPY OF THE SECTION 13(2) SARFAESI NOTICE DATED 04/11/2010 ISSUED BY THE 1ST RESPONDENT TO THE PETITIONER. R1(B) COPY OF THE POSTAL ACKNOWLEDGEMENT DATED 06/11/2010 EVIDENCING THE RECEIPT OF THE NOTICE. R1(C) COPY OF THE STATEMENT OF ACCOUNT OF THE PETITIONER PERTAINING TO THE LOAN ACCOUNT FOR THE PERIOD FROM 28/02/2008 TILL 28/02/2011. /TRUE COPY/ P.A.TO.JUDGE sts S.SIRI JAGAN, J. ================== W.P.(C).No. 7009 of 2011 ================== Dated this the 22nd day of July, 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 respondents 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 facility to regularise the loan account by paying the defaulted amounts and to pay off the instalments as per the original loan agreement. 2. This is opposed by the learned counsel for the bank. 3. Having heard both sides, 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 within one month from today, the respondents 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 w.p.c.7009/11 2 the future instalments as per the 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. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge