IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 6TH DECEMBER 2011 / 15TH AGRAHAYANA 1933 WP(C).No. 31710 of 2011(K) --------------------------------------- PETITIONER: ------------------- MR.AJAY JOSE, AGED 44, S/O.K.V.ISSAC, KUNNEL HOUSE, MUNDAMVELI P.O., KOCHI-682 507. BY ADVS. SRI.P.MARTIN JOSE, SRI.M.A.MOHAMMED SIRAJ, SRI.P.PRIJITH, SRI.ANEESH JAMES. RESPONDENTS: ------------------------ 1. THE AUTHORISED OFFICER (CHIEF MANAGER), SYNDICATE BANK, REGIONAL OFFICE, SHANMUGHAM ROAD, ERNAKULAM-682 031. 2. BRANCH MANAGER, SYNDICATE BANK, CHERLAI BRANCH, KOCHI-682 007. R1 & R2 BY SRI. R.S. KALKURA, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/12/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C).NO.31710/2011-K: APPENDIX PETITIONER'S EXHIBITS:- EXT.P1: TRUE COPY OF NOTICE DATED 23/9/2011 UDNER SEC.13(4) OF 'SARFAESI' ACT ISSUED BY THE RESPONDENT TO THE PETITIONER. EXT.P2: TRUE COPY OF STATEMENT OF ACCOUNT FROM THE PERIOD 1/1/2006 TO 28/10/2011 ISSUED BY THE RESPONDENT TO THE PETITIONER. RESPONDENTS' EXHIBITS:- NIL. //TRUE COPY// P.S. TO JUDGE Prv. S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 31710 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 6th day of December, 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 respondents 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 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 amount stipulated by the bank for regularising the loan account within one month along with regular instalments payable in accordance with the original loan agreement, 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 commits default in payment of either the defaulted amount or any of the future instalments as per the loan agreement, it would be open to the W.P(C) No. 31710 of 2011 -: 2 :- respondents to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Sd/- S. Siri Jagan, Judge. Tds/