IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 19TH DECEMBER 2011 / 28TH AGRAHAYANA 1933 WP(C).No. 33857 of 2011(F) --------------------------------------- PETITIONER(S): ---------------------- K.K. SUBRAMANIAN, AGED 48 YEARS, S/O.KUMARAN, KALATHARA HOUSE, ELOOR SOUTH, UDYOGAMANDAL. P.O, ERNAKULAM DISTRICT. BY ADV. SRI.G.ANANTHANARAYANAN RESPONDENT(S): ---------------------------- 1. THE AUTHORIZED OFFICER, UNION BANK OF INDIA, NODAL REGIONAL OFFICE, UNION BANK BHAVAN, M.G. ROAD, KOCHI-682 035. 2. UNION BANK OF INDIA, REPRESENTED BY BRANCH MANAGER, ALUVA BRANCH, ERNAKULAM DISTRICT. BY ADV. MR.A.S.P. KURUP, SC, UBI. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19/12/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: rs WP(C).No. 33857 of 2011(F) APPENDIX PETITIONER'S EXHIBITS: EXT.P1: TRUE COPY OF NOTICE DATED 22.1.2010 ISSUED BY THE 2ND RESPONDENT. EXT.P2: TRUE COPY OF RECEIPTS DATED 10.5.2010, 17.3.2011 AND 11.11.2011 ISSUED BY THE 2ND RESPONDENT. EXT.P3: TRUE COPY OF THE NOTICE DATED 13.12.2011 ISSUED BY THE ADVOCATE COMMISSIONER IN CRL.M.P.3129/2011. RESPONDENT'S EXHIBITS:- NIL. //TRUE COPY// P.A. TO JUDGE rs S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.33857 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 19th 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 amounts stipulated by the bank for regularising the loan account in two equal monthly instalments along with regular instalments payable in accordance with the original loan agreement for January & February, 2012, 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 W.P.(C)No.33857 of 2011 -2- 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 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/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/