IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 18TH JANUARY 2011 / 28TH POUSHA 1932 WP(C).No. 1664 of 2011(G) ------------------------- PETITIONER(S): ------------------- 1. SHANAVAS K, VILLY COTTAGE, KERALAPURAM, PERUMPUZHA PO, KOLLAM DISTRICT. 2. O RAJANI, VILLY COTTAGE, KERALAPURAM, PERUMPUZHA PO, KOLLAM DISTRICT. BY ADV. SRI.V.PREMCHAND RESPONDENT(S): --------------- 1. INDIAN BANK, KERALAPURAM BRANCH CHANDANATHOPPU PO, KOLLAM ITS BRANCH MANAGER-690 540 2. THE BRANCH MANAGER INDIAN BANK, KERALAPURAM BRANCH CHANDANATHOPPU PO, KOLLAM-690 540 3. THE AUTHORIZED OFFICER INDIAN BANK, KERALAPURAM BRANCH CHANDANATHOPPU PO, KOLLAM- 690 540 ADV.MR. S. SREEKUMAR - SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/01/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. SIRI JAGAN, J. ----------------------------------- W.P.(C) No.1664 OF 2011 --------------------------------------- Dated this the 18th day of January, 2011 JUDGMENT The petitioners are challenging the proceedings initiated by the respondents under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act for recovery of loan amounts due from the petitioners to the bank. The petitioners submit that it is because of the personal tragedies in the family of the petitioners that the petitioners could not pay the amounts and they are prepared to regularise the loan by paying the defaulted amounts and would continue to pay the insalments as per the original loan agreement without fail. 2. I have heard the learned Standing Counsel for the Bank. The learned Standing Counsel opposes the prayers. However, he submits that if this Court is inclined to permit the petitioners to regularise the loan, this Court may take note of the fact that the defaulted instalments would add up to more than two lakhs. 3. Having heard both sides, I dispose of this writ petition W.P.(C)No.1664/11 2 with the following directions: The petitioners shall pay the defaulted amounts in two equal monthly instalments. The first instalment shall be paid on 28.2.2011 and second instalment shall be paid by 31.3.2011, on receipt of which the bank shall regularise the loan account of the petitioners. Further instaments shall be paid by the petitioners in accordance with the original loan agreement on due dates, in which case further proceedings under the Act shall be kept in abeyance. However, if the petitioners fail to pay the defaulted amounts or any of the regular instalments as per the original loan agreement as directed above, 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. S. SIRI JAGAN, JUDGE acd W.P.(C)No.1664/11 3 W.P.(C)No.1664/11 4