IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 19TH SEPTEMBER 2011 / 28TH BHADRA 1933 WP(C).No. 24152 of 2011(T) -------------------------- PETITIONER(S): --------------- 1. K.P.SEBASTIAN, S/O. POULOSE, KAPPILAM MOOTTIL HOUSE, POOZHITHODE, PILLAPERUVANNA DESOM, PANNIKOTTOOR VILLAGE, KOYILANDY TALUK, KOZHIKODE. 2. MRS.MERCY SEBASTIAN, W/O.SEBATIAN, RESIDING DO. BY ADV. SRI.T.G.RAJENDRAN RESPONDENT(S): --------------- 1. CHIEF MANAGER/AUTHORISED OFFICER, SOUTH INDIAN BANK, REGIONAL OFFICE, KOZHIKODE-673 001. 2. MANAGER, SOUTH INDIAN BANK, HAKKORTHUKULAM, WEST HILL.P.O., KOZHIKODE-673 001. BY ADV. SRI.K.K. JOHN. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19/09/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: APPENDIX PETITIONER(S) EXHIBITS EXT.P1 COPY OF THE TITLE DEED OF THE PROPERTY EXT.P2 TRUE COPY OF THE TAX RECEIPT FOR THE YEAR 2011 IN RESPECT OF THE PROPERTY. EXT.P3 POSSESSION CERTIFICATE ISSUED BY THE VILLAGE OFFICER EXT.P4 COPY OF THE STATEMENT OF ACCOUNT IN RESPECT OF THE PETITIONERS LOAN. EXT.P5 TRUE COPY OF THE NOTICE DATED 22.8.2011 [True copy] P.S to Judge. S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 24152 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 19th day of September, 2011. J U D G M E N T The petitioners are defaulters in repayment of loan amounts availed of by them from the respondents. The respondents have initiated proceedings under the Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for recovery of the amounts due. The petitioners are challenging the same. But the petitioners do not dispute the liability to pay or the quantum. The petitioners only seek facility to regularise the loan account by paying the outstanding defaulted instalments of loan and to continue to pay the future instalments as per the original loan agreement. This is opposed by the counsel for the bank. However, taking a lenient view, I dispose of this writ petition with a direction to the respondents to permit the petitioners to pay off the outstanding defaulted instalments of loan by 30.9.2011, on which payment, the respondents shall regularise the loan account and allow the petitioners to continue to pay the future instalments on due dates as per the original loan agreement. If the petitioners pay the outstanding defaulted instalments of loan and the future instalments on due dates as directed above without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioners commit default in payment of the outstanding instalments of loan or any of the future instalment on due dates as directed above, it W.P(C) No. 24152 of 2011 -: 2 :- 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. Tds/