IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 12TH JUNE 2008 / 22ND JYAISHTA 1930 WP(C).No. 17545 of 2008(L) -------------------------- PETITIONER: --------------- L.SHINY, D/O.GOPALAN, AGED 33 YEARS, "THEERTHAM", KAZHAKOOTTAM P.O., THIRUVANANTHAPURAM DIST. BY ADV. SRI.R.MANOJ RESPONDENTS: ----------------- 1. THE UNION BANK OF INDIA, REPRESENTED BY ITS REGIONAL MANAGER, THIRUVANANTHAPURAM. 2. THE AUTHORISED OFFICER, UNION BANK OF INDIA, STATUTE, THIRUVANANTHAPURAM. BY SRI.A.S.P. KURUP THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 12/06/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. SIRI JAGAN, J. ------------------------------------ W.P.(C)No.17545 OF 2008 ---------------------------------------- Dated this the day of June, 2008 JUDGMENT The petitioner challenges proceedings, under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, initiated by the respondents for non-payment of loan amounts due from him to the bank. The bank has already taken possession of the security interest. The petitioner seeks a direction to the respondents to regularise the loan accounts by accepting the defaulted instalments and promises to pay the future instalments on the due dates as per the loan agreement. Although the learned Standing Counsel opposes the same, on a little persuasion, he agrees on condition that the petitioner pays interest and securitisation charges also. 2. I have considered the rival contentions in detail. In the facts and circumstances of the case, I dispose of this writ petition with the following directions. W.P.(c)No.17545/08 2 The petitioner shall pay the entire defaulted instalments with interest, securitisation charges and other expenses incurred by the bank within a period of one month from today. On such payment, the respondents shall regularise the loan account and permit the petitioner to pay future instalments as per the loan agreement. If the petitioner pays the above said amounts in time and continues to pay the future instalments on the due dates as per the loan agreement, further coercive proceedings shall be kept in abeyance. However, if the petitioner fails to pay the amount as directed above or any of the future instalments on the due date, 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. If the bank has taken possession, on payment of the defaulted amount with interest etc., the petitioner shall be put back in possession. S. SIRI JAGAN, JUDGE Acd W.P.(c)No.17545/08 3