IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 12TH JULY 2011 / 21ST ASHADHA 1933 WP(C).No. 18858 of 2011(F) -------------------------------------- PETITIONER: ------------------- P.S.RAVI, S/O.SANKARANKUTTY, PARAKKULANGARA HOUSE, LAKSHMI NIVAS, MYLUMPURAM, THOTTAKKARA, OTTAPPALAM. BY ADVS. SRI.P.P.THAJUDEEN, SRI.MANSOOR.B.H. SMT.C.SEENA, SMT.P.B.WAHIDA. RESPONDENTS: ------------------------ 1. THE STATE BANK OF INDIA, REPRESENTED BY ITS MANAGER, OTTAPPALAM, PALAKKAD DISTRICT. PIN-679 102. 2. THE AUTHORISED OFFICER, (CHIEF MANAGER), STATE BANK OF INDIA, OTTAPPALAM, PALAKKAD, PIN-679 102. R1 & R2 BY SRI. P.V. SURENDRANATH, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 12/07/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C). NO.18858/2011-F: APPENDIX PETITIONERS' EXHIBITS: EXT.P.1: COPY OF THE PAPER PUBLICATION DTD. 18/05/2011. EXT.P.2: COPY OF THE REPRESENTATION SUBMITTED BY THE PETITIONER DTD. 06/07/2011. EXT.P.3: COPY OF THE POSTAL RECEIPT DTD. 06/07/2011. RESPONDENTS' EXHIBITS: NIL. //TRUE COPY// P.A. TO JUDGE. Prv. S. SIRI JAGAN, J. ------------------------------------------------- W.P.(C)No. 18858 OF 2011, ------------------------------------------------- DATED THIS THE 12th DAY OF JULY, 2011 J U D G M E N T The petitioner is challenging proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 initiated by the respondents for recovery of defaulted loan amounts. But the petitioner does not dispute the liability to pay or the quantum. Petitioner seeks only an opportunity to regularise the loan account by paying the outstanding arrears and to permit the petitioner to continue to pay the balance installments as per the original loan agreement. The Standing counsel for the Bank submits that petitioner is challenging only a Section 13 (2) notice issued under the Act and therefore the writ petition is premature. 2. Having heard the rival contentions in detail I dispose of the writ petition for the following directions: The respondents shall permit the petitioner to regularise the account covered by Ext.P1 notice by paying off the outstanding balance within one month. Thereafter, the petitioner W.P.(C)No.18858/2011 -2- shall continue to pay the installments in respect of the term loan as per the original loan agreement on due dates. On payment of outstanding dues in the Cash Credit account, the cash credit account shall also be regularised. If the petitioner commit default in payment of the outstanding arrears or any of the future instalments of the loan, it would be open to the respondents to continue the proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Sd/- S. SIRI JAGAN, JUDGE. AMG True copy P.A to Judge