IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 22ND AUGUST 2011 / 31ST SRAVANA 1933 WP(C).No. 22567 of 2011(U) -------------------------- PETITIONER(S): --------------- SMITTY.P.MATHEW, S/O.GEORGE MATHEW, AGED 36 YEARS, RESIDING AT PULIKAPARAMBIL (H), CHENGALAM SOUTH P.O., KOTTAYAM. BY ADV. SRI.JACOB E SIMON RESPONDENT(S): --------------- 1. HDFC HOUSING DEVELOPMENT FINANCE CORPORATION LTD., HDFC HOUSE, POST BOX NO.1667, RAVIPURAM JUNCTION, M.G.ROAD, COCHIN, REPRESENTED BY ITS AUTHORIZED OFFICER-682 015. 2. UNION OF INDIA, REPRESENTED BY THE SECRETARY (BANKING & INSURANCE), DEPARTMENT OF ECONOMIC AFFAIRS, MINISTRY OF FINANCE, PARLIAMENT STREET, NEW DELHI-110 001. 3. THE RESERVE BANK OF INDIA, REPRESENTED BY ITS GOVERNOR, CENTRAL OFFICE, MUMBAI-400 001. ADV. SRI.P.PARAMESWARAN NAIR,ASG OF INDIA FOR R2 ADV.A.SAJUSH PAUL, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/08/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C).No. 22567/11 APPENDIX PETITIONER(S)' EXHIBITS P1. COPY OF THE DEMAND NOTICE. P2. COPY OF THE STATEMENT OF DUES ISSUED BY R1. P3. COPY OF THE CHEQUE DTD.2.7.11. P4. COPY OF THE ACCOUNT STATEMENT DTD.10.8.11. P5. COPY OF THE DEMAND DRAFT DTD.10.8.11. P6. COPY OF THE REQUEST LETTER DTD.6.8.11. P7. COPY OF THE RELEVANT PORTION OF THE CIRCULAR REGARDING NORMS ON INCOME RECOGNITION, ASSET CLASSIFICATION AND PROVISIONING TO ADVANCES. sdk+ ///True copy/// P.A. to Judge S.SIRI JAGAN, J. ================== W.P.(C).No. 22567 of 2011 ================== Dated this the 22nd day of August, 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 3rd respondent 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 opportunity to regularise the loan account by paying the defaulted amounts and to pay off the future instalments as per the original loan agreement. 2. This is opposed by the learned counsel for the bank. 3. However, taking a lenient view, 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 w.p.c.22567/11 2 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