IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 22ND JULY 2011 / 31ST ASHADHA 1933 WP(C).No. 16121 of 2011(M) ---------------------------------------- PETITIONER(S): ------------------------ SMT.SWAPNA UNNIKRISHNAN, AGED 27 YEARS, W/O.UNNIKRISHNAN, RESIDING AT PEREPARAMBIL HOUSE, POST NATTIKA, PIN-680 566, THRISSUR DISTRICT. BY ADV. SRI.C.R.REKHESH SHARMA SMT.SMITHA GEORGE RESPONDENT(S): --------------------------- 1. STATE OF KERALA, REPRESENTED BY THE SECRETARY TO THE GOVERNMENT, FINANCE DEPARTMENT, THIRUVANANTHAPURAM. 2. THE AUTHORIZED OFFICER, THE STATE BANK OF TRAVANCORE, TRIPRAYAR BRANCH, NATTIKA. 680 566. 3. THE STATE BANK OF TRAVANCORE, TRIPRAYAR BRANCH, NATTIKA. 680 566, REPRESENTED BY ITS CHIEF MANAGER. R1 BY SR GOVERNMENT PLEADER SRI.C.K.GOVINDAN R2 & R3 BY ADV. SRI.T.SETHUMADHAVAN SRI.PUSHPARAJAN KODOTH THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sts WP(C)NO.16121/2011 APPENDIX PETITIONER'S EXHIBITS: P1 COPY OF THE NOTICE UNDER SECTION 13(2) OF SARFAESI ACT 2002. P2 COPY OF THE PUBLICATION MADE IN MATHRUBHUMI DAILY DATED 4/06/2011. P3 COPY OF THE CERTIFICATE FROM REGIONAL CANCER CENTRE, TVM. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A.TO.JUDGE sts S.SIRI JAGAN, J. ================== W.P.(C).No. 16121 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 respondents 2 and 3 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 the future instalments as per the original loan agreement. 2. This is opposed by the learned Standing Counsel for the bank. 3. Having heard both sides, I am of opinion that some more indulgence can be shown to the petitioner to permit the petitioner to regularise the loan account. Accordingly, this writ petition is disposed of with the following directions: The petitioner shall pay the defaulted instalment amounts with interest as per the loan agreement in three equal monthly instalments along with regular instalments on the due dates as per the loan agreement. Thereafter, the petitioner shall continue to pay the future instalments on the due dates without default. If the petitioner complies with the above directions and continues to pay the future instalments w.p.c.16121/11 2 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 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