IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 19TH JULY 2011 / 28TH ASHADHA 1933 WP(C).No. 19578 of 2011(V) -------------------------------------- PETITIONER: ------------------- BINDHYAS, D/O.THOMAS, AGED 30 YEARS, VADDAKKEPANACKAL, PUNNAPRA P.O., ALAPPUZHA DISTRICT. BY ADVS. SRI.V.C.JAMES, SRI.SEBASTIAN JOSEPH KURISUMMOOTTIL. RESPONDENTS: ------------------------ 1. BRANCH MANAGER, UNION BANK OF INDIA, KABEER PLAZA, C.C.S.B.ROAD, MULLACKAL, ALAPPUZHA, PIN-688 011. 2. THE AUTHORISED OFFICER, UNION BANK OF INDIA, ALAPPUZHA BRANCH, ALAPPUZHA, PIN-688 011. R1 & R2 BY SRI. A.S.P. KURUP, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19/07/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C). NO.19578/2011-V: APPENDIX PETITIONERS' EXHIBITS: EXT.P.1: COPY OF THE NOTICE DTD. 03/04/2010. EXT.P.2: COPY OF THE LETTER DTD. 13/07/2011 BY THE PETITIONER TO THE R.1. RESPONDENTS' EXHIBITS: NIL. //TRUE COPY// P.A. TO JUDGE. Prv. S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 19578 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 19th day of July, 2011 J U D G M E N T The petitioner is aggrieved by proceedings initiated by the respondents under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks a direction to the respondents to permit the petitioner to regularise the loan account by paying the defaulted instalment amounts and to permit the petitioner to continue payment of instalments as per the original loan agreement. This is opposed by the counsel for the Bank. Having heard both sides, I am of opinion that the Bank can show some more leniency to the petitioner in the matter of regularizing the loan account. Accordingly this writ petition is disposed of with the following directions: W.P.(C)No. 19578 of 2011 -2- The petitioner shall pay off the outstanding amounts due for regularization of the loan account with interest within one month from today. The petitioner shall thereafter continue to pay the instalment amounts as per the original loan agreement without default. If the petitioner complies with the above directions further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of the outstanding amount or any one of the future instalments, 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/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/