IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 23RD SEPTEMBER 2011 / 1ST ASWINA 1933 WP(C).No. 25255 of 2011(F) -------------------------- CMP.5625/2011 of C.J.M.,KOLLAM .................... PETITIONER(S): --------------- K. SUKUMARAN NAIR, SIVASAKTHI, CHERUVILA PUTHEN VEEDU, ANCHUMALAKUNNU, THACHONAM, KUMMIL, TRIVANDRUM. BY ADV. SRI.K.M.ANEESH RESPONDENT(S): --------------- 1. THE UNION BANK OF INDIA, REPRESENTED BY ITS AUTHORISED OFFICER, REGIONAL OFFICE, UNION BANK BHAVAN, P.B.NO.307, M.G. ROAD, THIRUVANANTHAPURAM-695 001. 2. UNION BANK OF INDIA, PATTOM BRANCH, PATTOM, THIRUVANANTHAPURAM, REPRESENTED BY ITS BRANCH MANAGER, 695 001. ADV.A.S.P.KURUP, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 23/09/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C).No. 25255/2011 APPENDIX PETITIONER(S)' EXHIBITS P1. COPY OF THE NOTICE. P2. COPY OF THE NOTICE DTD.24.9.11 ISSUED BY THE ADVOCATE COMMISSIONER. sdk+ ///True copy/// P.A. to Judge S.SIRI JAGAN, J. ================== W.P.(C).No. 25255 of 2011 ================== Dated this the 23rd day of September, 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 five equal monthly instalments along with regular instalments payable in accordance with the original loan agreement for October, November and December, 2011, and January and 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 instalments as per the w.p.c.25255/11 2 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/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge