IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 18TH JULY 2011 / 27TH ASHADHA 1933 WP(C).No. 19174 of 2011(V) ---------------------------------------- PETITIONER(S): ----------------------- PRASANTH UNNIKRISHNAN, S/O. LATE UNNIKRISHNAN, AGED 31, DWARAKA, 11/547, KAVADIYAR VILLAGE, KAVADIYAR TALUK, KAVADIYAR P.O., PIN-695 003, THIRUVANANTHAPURAM DISTRICT. BY ADV. SRI.UNISE MOHAMED KUNJU SRI.SAKIR.K.H. RESPONDENT(S): -------------------------- THE CHIEF MANAGER (AUTHORISED OFFICER), THE CATHOLIC SYRIAN BANK LTD., MARKET ROAD BRANCH, ERNAKULAM, PIN-682 018. BY SRI.B.S.KRISHNAN, SENIOR ADVOCATE BY ADV. SRI.K.ANAND SMT.LATHA KRISHNAN THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 18/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sts WP(C)NO.19174/2011 APPENDIX PETITIONER'S EXHIBITS: P1 COPY OF THE TREATMENT CHARGES SUMMARY BILL NO.7016 DATED 06/11/2010 ISSUED FROM ANANTHAPURI HOSPITALS AND RESEARCH INSTITUTE, THIRUVANANTHAPURAM. P2 COPY OF THE DEATH CERTIFICATE OF THE PETITIONER'S FATHER. P3 COPY OF THE DEATH CERTIFICATE OF THE PETITIONER'S BROTHER. P4 COPY OF THE DEMAND NOTICE DATED 03/07/2010 ISSUED BY RESPONDENT. P5 COPY OF THE RECEIPT DATED 03/02/2011 ISSUED BY THE RESPONDENT. P6 COPY OF THE NOTICE DATED 08/07/2011 ISSUED BY THE ADVOCATE COMMISSIONER . P7 COPY OF THE RECEIPT DATED 11/07/2011 ISSUED BY THE RESPONDENT. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A.TO.JUDGE sts S.SIRI JAGAN, J. ================== W.P.(C).No. 19174 of 2011 ================== Dated this the 18th day of July, 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 respondent for recovery of loan amounts defaulted by the petitioner. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks opportunity to regularise the loan account by paying the defaulted amounts and to pay off the instalments as per the original loan agreement. 2. This is opposed by the learned counsel for the Bank. 3. Having heard both sides, I am of opinion that in view of the fact that the loan was taken only on 11.12.2009, the petitioner can be permitted to regularise the loan account by paying the outstanding defaulted amounts. Accordingly, this writ petition is disposed of with the following directions: The respondent shall permit the petitioner to regularise the loan account by paying the defaulted instalments with interest within one month. The petitioner shall continue to pay regular instalments as per the original loan agreement on the due dates without default. If the petitioner complies with the above directions and continues to pay the w.p.c.19174/11 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 respondent to continue 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