IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 15TH DECEMBER 2011 / 24TH AGRAHAYANA 1933 WP(C).No. 33552 of 2011(T) ------------------------------------ PETITIONER(S): ---------------------- 1. VIJAYAN.C.K, AGED 70, S/O.KRISHNAN, CHULLIPAMBIL HOUSE,KARAYAMPADAM DESAM, VARANDARAPPILLY VILLAGE, MUKUNDAPURAM TALUK, THRISSUR DISTRICT, PIN - 680 304. 2. LALITHA, AGED 62, W/O.VIJAYAN, CHULLIPAMBIL HOUSE, KARAYAMPADAM DESAM, VARANDARAPPILLY VILLAGE,MUKUNDAPURAM TALUK, THRISSUR DISTRICT,PIN 680 304. 3. SOBI.C.V, AGED 37, S/O.VIJAYAN.C.K, CHULLIPAMBIL HOUSE,KARAYAMPADAM DESOM, VARANDARAPPILLY VILLAGE,MUKUNDAPURAM TALUK, THRISSUR DISTRICT,PIN 680 304. 4. SIBI.C.V, AGED 39, S/O.VIJAYAN.C.K, CHULLIPAMBIL HOUSE, KARAYAMPADAM DESAM, VARANDARAPPILLY VILLAGE, MUKUNDAPURAM TALUK, THRISSUR DISTRICT,PIN - 680 304. BY ADVS. SMT.M.R.REENA SRI.P.S.SUJETH RESPONDENT(S): ------------------------ 1. THE BRANCH MANAGER,THRISSUR DISTRICT CO-OPERATIVE BANK,VARANDARAPPILLY BRANCH, VARANDARAPPILLY PO,VARANDARAPPILLY VILLAGE, MUKUNDAPURAM TALUK,THRISSUR DISTRICT,PIN - 680 304. 2. C.O.SEBASTIAN, AUTHORIZED OFFICER, THRISSUR DISTRICT CO-OPERATIVE BANK LTD., SAHAKARANA SATAPDI MANDIRAM, KOVILAKATHUM PADAM, THIRUVAMBADI PO,THRISSUR DISTRICT-680 301. R1 & R2 BY ADV.SRI. P.C.SASIDHARAN, SC, TDCB THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 15/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: DG WP(C).No. 33552 of 2011(T) APPENDIX PETITIONER(S) EXHIBITS: EXT.P1 : COPY OF THE LOAN SANCTION LETTER DATED 24/3/08, 23-6-08,30-6-08 EXT.P2 : COPY OF THE POSSESSION NOTICE U/S.13(4) DATED 18/11/2011 ISSUED BY THE AUTHORIZED OFFICER EXT.P3 : COPY OF THE PASS BOOK SHOWING THE REPAYMENTS DATED 7/7/08, 2/6/09, 15/1/09, 21/02/09 ETC. EXT.P4 : COPY OF REPRESENTATION GIVEN TO THE BRANCH MANAGER DATED 20/7/2011 EXT.P5 : COPY OF THE POSSESSION NOTICE U/S.13(4) DATED 23/11/2011 PUBLISHED IN THE MATHRUBHOOMI LOCAL DAILY. RESPONDENTS' EXHIBITS - NIL /TRUE COPY/ P.A.TO JUDGE DG S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.33552 of 2011 ---------------------------------------------- Dated this the 15th day of December, 2011 JUDGMENT The petitioners challenge proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondents for recovery of loan amounts due from the petitioners to the respondents. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek 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. However, taking a lenient view, I dispose of this writ petition with the following directions: If the petitioners pay 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 and February, 2012 W.P.(C)No.33552/11 2 the respondents shall permit the petitioners to regularise the loan account and to pay off the future instalments as per the original loan agreement. If the petitioners comply with the above directions and continue 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 petitioners commit default in payment of either the defaulted amounts or any of the future instalments as per the original 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. S. SIRI JAGAN, JUDGE acd W.P.(C)No.33552/11 3 W.P.(C)No.33552/11 4