IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 9TH AUGUST 2011 / 18TH SRAVANA 1933 WP(C).No. 21419 of 2011(B) ---------------------------------- PETITIONER(S): ------------------- 1. KOSHY.K.KUNJUMMAN,AGED 60 YEARS, PALACKAL,THUMPOLY.P.O,ALAPPUZHA. 2. ANTONY.P.K,S/O.KOSHY,AGED 30 YEARS, PALACKAL,THUMPOLY.P.O,ALAPPUZHA. BY ADVS. SRI.P.KRISHNA KUMAR (ALAPPUZHA) SRI.SUNIL J.CHAKKALACKAL RESPONDENT(S): -------------------- STATE BANK OF INDIA,REGIONAL BUSINESS OFFICE,BEACH ROAD,ALAPPUZHA-688011,REP:BY ITS AUTHORIZED OFFICER. BY ADV. SRI. A.S. SAJESH PAUL. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 09/08/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: svs W.P.(C). NO.21419/2011 APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF NOTICE DATED 23/09/2010 ISSUED BY THE RESPONDENT. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A. TO JUDGE. svs S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.21419 OF 2011 ---------------------------------------------- Dated this the 9th day of August, 2011 JUDGMENT The petitioners challenge proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondent for recovery of loan amounts due from the petitioners to the respondent bank. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek facility to regularise the loan account by paying the outstanding instalments and to continue to pay the instalments of repayment of loan as per the original loan agreement on due dates. 2. This is opposed by the learned Standing Counsel for the respondent bank. 3. However, taking a lenient view, I dispose of this writ petition with the following directions: The petitioners shall pay the outstanding defaulted instalments of loan with interest within one month from today. If the petitioners pay the outstanding defaulted instalments of loan W.P.(C)No.21419/11 2 as directed above, the respondent shall regularise the loan account of the petitioners and allow the petitioners to continue payment to the instalments as per the original loan agreement on due dates. If the petitioners comply with the above directions, further proceedings under the Act shall be kept in abeyance. However, if the petitioners commit default in payment of the outstanding arrears of instalments with interest or any of the future instalments on due dates, 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.21419/11 3 W.P.(C)No.21419/11 4