IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 30TH SEPTEMBER 2011 / 8TH ASWINA 1933 WP(C).No. 26122 of 2011(M) -------------------------------- PETITIONER: -------------- M.M.THOMAS,S/O.DANIEL MATHAI, ANNIE COTTAGE, NEAR AIR TEL TOWER, CHATHURA KINAR, VARAM P.O, KANNUR DISTRICT. BY ADVS. SRI.P.BHARATHAN SRI.GEORGE MATHEWS RESPONDENT: ---------------- UNION BANK OF INDIA, KANNUR BRANCH, FORT ROAD, KERALA 670 001, (REPRESENTED BY ITS CHIEF MANAGER) BY SRI.ASP KURUP, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 30/09/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No.26122/2011 A P P E N D I X PETITIONER'S EXHIBITS: EXT. P1 : COPY OF NOTICE DTD. 14.1.11 ISSUED BY RESPONDENT BANK. EXT. P2 : COPY OF JUDGMENT DTD. 1.6.11 IN WP(C) 5753/2011. RESPONDENT'S EXHIBITS: NIL. // True Copy // P.A. to Judge. smp S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No. 26122 OF 2011 ---------------------------------------------- Dated this the 30th day of September, 2011 JUDGMENT The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondent bank for recovery of the loan amounts due from the petitioner to the respondent bank in respect of two loans. 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 the future instalments as per the original loan agreements. 2. This is opposed by the learned counsel for the bank. 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 both the loan accounts in two equal monthly instalments along with regular instalments payable in accordance W.P.(C)No.26122/11 2 with the original loan agreements for October and November, 2011, the respondent 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 continue to pay the future instalments as per the original loan agreements 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 original loan agreements, it would be open to the respondent to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. S. SIRI JAGAN, JUDGE acd W.P.(C)No.26122/11 3 W.P.(C)No.26122/11 4