IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 23RD DECEMBER 2011 / 2ND POUSHA 1933 WP(C).No. 35074 of 2011(H) -------------------------- PETITIONER(S): ------------------- PRADEEP K.S, S/O. K.K. SURENDRAN, AGED 42 YEARS, KOZHIPARAMBIBIL HOUE, KARUVANNUR P.O., ETTUMANA, THRISSUR DISTRICT - 680 711. BY ADV. SRI.SHOBY K.FRANCIS SRI.JIPSON ANTONY.P. SRI.AGI SHOBY RESPONDENT(S): --------------------- 1. STATE BANK OF INDIA, REGIONAL BUSINESS OFFICE, BHARATHAKSHEMEM BUILDING, ST. THOMAS COLLEGE ROAD, THRISSUR - 680005 REPRESENTED BY ITS\ CHIEF MANAGER. 2. THE MANAGER, STATE BANK OF INDIA, KARALAM BRANCH, NSS KARAYOGAM BUILDING, KARALAM P.O., THRISSUR - 680 711. 3. THE AUTHORIZED OFFICER, STATE BANK OF INDIA, REGIONAL BUSINESS OFFICE, BHARATHAKSHEMEM BUILDING, ST. THOMAS COLLEGE ROAD, THRISSUR - 680005. BY SC SRI.P.V SURENDRANATH THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 23/12/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 35074 of 2011 APPENDIX PETITIONER'S EXHIBITS: EXT.P1: TRUE COPY OF THE RELEVANT PAGE OF THE PASS BOOK ISSUED BY THE 2ND RESPONDENT DATED SEPTEMBER 2007. EXT.P2: TRUE COPY OF THE NOTICE ISSUED BY THE 3RD RESPONDENT DATED 15.3.2011 UNDER SECTION 13 (2). EXT.P3: TRUE COPY OF THE NOTICE ISSUED BY THE 3RD RESPONDENT DATED 30.11.11 UNDER SEC. 13 (4). EXT.P4: TRUE COPY OF THE REQUEST DATED 21.12.11 SUBMITTED BY THE PETITIONER TO THE 2ND RESPONDENT. /TRUE COPY P.A TO JUDGE S.SIRI JAGAN, J. ================== W.P.(C).No. 35074 of 2011 ================== Dated this the 23rd day of December, 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 only seeks facility 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. Having heard both sides, 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 within one month, 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 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 w.p.c.35074/11 - : 2 :- 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