IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 7TH DECEMBER 2011 / 16TH AGRAHAYANA 1933 WP(C).No. 32438 of 2011(D) ------------------------------------- MC.504/2011 of C.J.M.,TRIVANDRUM .................... PETITIONER(S): -------- ------------ T.BABU KUMAR, S/O.P.THANKAPPAN, AGED 51, KARAKKAD HOUSE, TC.NO.16/1142, JAGATHY, THYCAUD.P.O., THIRUVANANTHAPURAM-695 014. BY ADVS. DR.V.N.SANKARJEE SRI.VINCENT JOSEPH RESPONDENT(S): --------------------------- 1. THE STATE BANK OF INDIA, STATUE BRANCH, THIRUVANANTHAPURAM, REPRESENTED BY ITS MANAGER-695 003. 2. THE AUTHORISED OFFICER, STATE BANK OF INDIA, RACPC, LMS COMPOUND, THIRUVANANTHAPURAM-695 033. BY ADV. SRI.SAJESH PAUL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 07/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss W.P.(C) NO.32438/2011 APPENDIX PETITIONER(S) EXHIBITS P1:- COPY OF THE NOTICE DATED 24.1.2011 ISSUED BY THE 2ND RESPONDENT. P2:-COPY OF THE RECEIPTS DATED 5.2.2011 FOR RS.25,000/- DATED 4.5.2011 RS.20,000/- AND DATED FOR 18.6.2011 RS.15,000/- P3:- COPY OF THE NOTICE DATED 28.10.2011 ISSUED BY THE ADVOCATE COMMISSION. RESPONDENTS' EXHIBITS NIL:- TRUE COPY P.A. TSS JUDGE tss S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.32438 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 7th 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 December, 2011 and January, 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 W.P.(C)No.32438 of 2011 -2- 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 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/