IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 20TH DECEMBER 2011 / 29TH AGRAHAYANA 1933 WP(C).No. 34024 of 2011(C) ----------------------------------------- PETITIONER(S): ------------------------ 1. BEEYATHU, AGED 70 YEARS, W/O.PALLIKUTTY, THAYYULLATHIL HOUSE,KAYAKKODI P.O., VADAKARA,KOZHIKODE-673 519. 2. RAFI T, AGED 37 YEARS,S/O.PALLIKUTTY, THAYYULLATHIL HOUSE, KAYAKKODI P.O., VADAKARA, KOZHIKODE-673 519. BY ADV. SMT.SIMLA PRABHAKARAN RESPONDENT(S): --------------------------- THE KOZHIKODE DISTRICT CO-OPERATIVE BANK, REPRESENTED BY ITS AUTHORISED OFFICER/SENIOR MANAGER, KALLAI ROAD,KOZHIKODE-673 002. BY ADV. SRI. P.V.KUNHIKRISHNAN, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 20/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss WPC.NO.34024/2011 C APPENDIX PETITIONERS' EXHIBIT: P1: COPY OF THE POSSESSION NOTICE DTD. 13/12/2011. RESPONDENT'S EXHIBITS: N I L /TRUE COPY/ P.A.TO JUDGE Kss S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.34024 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 20th day of December, 2011 J U D G M E N T The petitioners challenge 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 petitioners. The petitioners only seek 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 petitioners pay the amounts stipulated by the bank for regularising the loan account within one month, the respondent shall permit the petitioners to regularise the loan account and to pay off the future instalments as per the original loan agreement. If the petitioners comply 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 petitioners commit default in payment of either the defaulted amounts or any of the future instalments as per W.P.(C)No.34024 of 2011 -2- 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/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/