IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 1ST AUGUST 2011 / 10TH SRAVANA 1933 WP(C).No. 7924 of 2011(M) ------------------------- PETITIONER(S) :- ------------------------- BHASKARAN KOYYON, S/O.VELLAYAN, AGED 60 YEARS, M.V.HOUSE, PUTHIYANGADI, P.O.MADAYI, KANNUR. BY ADV. SRI.T.V.JAYAKUMAR NAMBOODIRI SRI.RAJESH VIJAYAN RESPONDENT(S) :- -------------------------- THE CHIEF MANAGER, UNION BANK OF INDIA, KANNUR CITY BRANCH, KANNUR. STANDING COUNSEL SRI.A.S.P. KURUP THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01/08/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: jvt WP(C).No.7924 OF 2011 APPENDIX Petitioner's Exhibits :- Ext.P1 :- Copy of the reply Lawyer Notice dated 28-01-2011 issued to the petitioner's counsel. Respondent's Exhibits :- NIL. //True Copy// P.A. to Judge S.SIRI JAGAN, J. ------------------------------------- WP(C) No.7924 of 2011 -------------------------------------- Dated this the 1st day of August, 2011 JUDGMENT The petitioner is a defaulter in repayment of loan amount due from him to the respondent. The respondent has initiated proceedings under the Securitization And Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI ACT), which is under challenge in this writ petition. The petitioner seeks facility to regularise the loan account and to pay off the balance instalments as per the original loan agreement on due dates. This is opposed by the learned counsel for the respondent bank. After hearing the parties, I dispose of this writ petition with the following directions:- It is now admitted before me that pursuant to the interim orders, amounts have been paid by the petitioner, which is sufficient to cover the outstanding defaulted dues. In the above circumstances, the respondent is directed to regularise the loan account of the petitioner and permit him to continue to pay the instalments of repayment of the loan on due dates as per the original loan agreement. If the petitioner pays the instalment amounts on the due dates, without default, the WP(C) No.7924 of 2011 : 2 : proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of any one of the instalments, it shall be open to the the respondent to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. S.SIRI JAGAN JUDGE dmb