IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 9TH DECEMBER 2011 / 18TH AGRAHAYANA 1933 WP(C).No. 32177 of 2011(V) --------------------------------------- PETITIONER(S): ---------------------- SMT.JAYA GOURI, W/O.PARAMESWARA BHAT, R/AT.KATTADAMOOLE, PATLA POST, KASARAGOD DISTRICT. BY ADV. SRI.S.JIJI RESPONDENT(S): ------------------------ 1. NORTH MALABAR GRAMIN BANK LTD., HEAD OFFICE, NMGB TOWERS, PALLIKKUNNU POST, KANNUR-670004, REPRESENTED BY ITS GENERAL MANAGER. 2. THE AUTHORISED OFFICER, (UNDER SARFAESI ACT), HEAD OFFICE, NMGB TOWERS, PALLIKKUNNU POST, KANNUR-670004. BY ADV. SRI.DEVAN RAMACHANDRAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 09/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss W.P.(C) NO.32177/201 APPENDIX PETITIONER(S) EXHIBITS P1:- COPY OF THE NOTICE DATED 26/7/2011 ISSUED BY THE 2ND RESPONDENT. P2:-REPRESENTATION FILED BY THE PETITIONER DATED 19/10/11. P3:- COPY OF THE REPLY DATED 10/11/11 OF THE IST RESPONDENT. RESPONDENTS' EXHIBITS NIL:- TRUE COPY P.A. TO JUDGE tss S.SIRI JAGAN, J. ================== W.P.(C).No. 32177 of 2011 ================== Dated this the 9th 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 only seeks facility 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. Having heard both sides, 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 within one month, 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 amounts or any of the future instalments as per the loan agreement, it would be open to the respondents to continue w.p.c.32177/11 - : 2 :- proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge