IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 31ST AUGUST 2011 / 9TH BHADRA 1933 WP(C).No. 23562 of 2011(U) ---------------------------------- PETITIONER(S): -------------------- P.T. RAJENDRAN, PUDUKOT HOUSE, P.O. MUYIPPOTH, VIA MEPPAYYUR, KOZHIKODE DISTRICT - 673 524. BY ADVS. SRI.C.VALSALAN SRI.K.RAKESH ROSHAN SMT.THUSHARA.V RESPONDENT(S): -------------------- 1. THE KOZHIKODE DISTRICT CO-OPERATIVE BANK LTD., KALLAI ROAD, CALICUT - 673 002. REPRESENTED BY ITS GENERAL MANAGER. 2. AUTHORISED OFFICER, SENIOR MANAGER, KOZHIKODE DISTRICT CO-OPERATIVE BANK LTD. KALLAI ROAD, CALICUT - 673 002. 3. THE MANAGER, KOZHIKODE DISTRICT CO-OPERATIVE BANK THIRUVALLUR BRANCH, P.O. THIRUVALLUR - 673 104. BY ADV. SRI.P.V.KUNHIKRISHNAN, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 31/08/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: svs W.P.(C). NO. 23562/2011 APPENDIX PETITIONER'S EXHIBITS: P1: NOTICE DATED 21/06/2011 UNDER SECURITISATION ACT, PUBLISHED IN KERALA KOUMUDI DAILY DATED 27/6/2011. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A. TO JUDGE. svs S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.23562 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 31st day of August, 2011 J U D G M E N T The petitioner is a defaulter in repayment of loan amount from him to the 1st respondent. The respondents have initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to regularise the loan account by paying the outstanding defaulted instalments and to continue to pay the balance instalments in accordance with the original loan agreement. This is opposed by the counsel for the respondents. However taking a lenient view, I dispose of this writ petition with the following directions: The respondents shall permit the petitioner to regularise the loan account by paying off the defaulted amounts of repayment of loan with interest and costs, if W.P.(C)No.23562 of 2011 -2- any, in three equal monthly installments along with the regular installments as per the loan agreement due in September, October and November. If the petitioner so pays the outstanding defaulted installments along with the installments of repayment of loan, the respondents shall regularise the loan account of the petitioner and allow the petitioner to continue to pay the future instalments as per the original loan agreement on due dates. If the petitioner complies with the above directions strictly, further proceedings shall be kept in abeyance. However, if the petitioner commits any default in payment of the amounts required for regularising the loan account or any of the future instalments on due dates, 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/