IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 21ST DECEMBER 2011 / 30TH AGRAHAYANA 1933 WP(C).No. 33895 of 2011(J) -------------------------------------- PETITIONER(S): --------------------- SUBAIDA IBRAHIMKUTTY, AGED 45 YEARS, W/O.IBRAHIM KUTTY, KAROTHUKUDY HOUSE, KANDANTHARA, ALLAPRA P.O., PERUMBAVOOR, ERNAKULAM DISTRICT. BY ADV. SRI.C.A.NAVAS SRI.T.K.SASIKUMAR RESPONDENT(S): ------------------------ 1. THE BRANCH MANAGER, THE FEDERAL BANK LTD., PERUMBAVOOR BRANCH, ERNAKULAM DISTRICT-682031. 2. THE CHIEF MANAGER, THE FEDERAL BANK LTD., REGD. OFFICE, ALUVA, ERNAKULAM DISTRICT - 682806. BY ADV. SRI.A.ANTONY SMT.LEELAMMA ANTONY THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 21/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: SD WPC NO. 33895/2011 APPENDIX PETITIONER(S) EXHIBITS EXT.P1 THE PHOTOSTAT COPY OF THE POSSESSION NOTICE NO 10037300003068/2340 DATED 3/11/2011. EXT.P2 THE PHOTOSTAT COPY OF REPRESENTATION DATED 10/11/2011. RESPONDENTS' EXHIBITS NIL // TRUE COPY // P.A. TO JUDGE SD S. SIRI JAGAN. J. ------------------------------------------- W.P.(C) No.33895 of 2011 ---------------------------------------------- Dated this the 21st day of December, 2011 JUDGMENT 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. The learned Standing Counsel for the bank opposes the same. 3. Having heard both sides, I am of opinion that the respondents can show some more leniency to the petitioner in the matter of regularising the loan account. Accordingly, 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 two weeks, 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 continue to pay the future 2 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 proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. S. SIRI JAGAN, JUDGE stu 3 4 5