IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 22ND SEPTEMBER 2011 / 31ST BHADRA 1933 WP(C).No. 24872 of 2011(H) ------------------------- PETITIONER(S): ------------------------ 1. MURALI MENON FLAT NO.4A. PANTHEON, EDAPPALLY PO, COCHIN 682 024 2. AMMU MURALI MENON FLAT NO.4A. PANTHEON, EDAPPALLY PO, COCHIN 682 024 BY ADVS. SRI.N.N.SUGUNAPALAN, SENIOR ADVOCATE SRI.S.SUJIN SMT.NITA.N.S. RESPONDENT(S): -------------------------- 1. ALLAHABAD BANK, ERNAKULAM BRANCH, MADHAVAN NAIR ROAD, ERNAKULAM REPRESENTED BY BRANCH MANAGER. 2. YAMUNA P.G, ADVOCATE COMMISSIONER (CMP.3028/2011 OF CJM COURT, ERNAKULAM) ERNAKULAM R1 BY ADV. SMT.E.V.MOLY THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 22/09/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Mn ...2/- WP(C).No. 24872 of 2011(H) APPENDIX PETITIONER'S EXHIBITS: EXT.P1 : TRUE COPY OF SA. 651/2010 FILED BEFORE THE DEBT RECOVERY TRIBUNAL, ERNAKULAM, BY THE PETITIONERS. EXT.P2 : TRUE COPY OF THE ORDER OF THE DEBT RECOVERY TRIBUNAL, ERNAKULAM, DATED 20.10.2010 IN IA.2825 OF 2010 IN SA.651/2010 FILED BY THE PETITIONERS. EXT.P3 : TRUE COPY OF THE STATEMENT OF THE ACCOUNTS OBTAINED BY THE PETITIONERS FROM THE RESPONDENT BANK ON 29.11.2010. EXT.P4 : TRUE COPY OF THE ORDER DATED 04.08.2011 IN IA.2825 OF 2010 IN SA.651OF 2010 ISSUED BY THE HON'BLE DEBT RECOVERY TRIBUNAL. EXT.P5 : TRUE COPOY OF THE NOTICE DATED 16.9.2011 ISSUED BY THE ADVOCATE COMMISSION TO THE PETITIONERS. RESPONDENT'S EXHIBITS - NIL //TRUE COPY// P.S. TO JUDGE Mn S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 24872 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 22nd day of September, 2011. J U D G M E N T The petitioners challenge proceedings initiated by the respondents under the Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for recovery of defaulted loan amounts due from the petitioners to the respondents. The petitioners do not dispute the liability or the quantum. The petitioners seek facility to regularise the loan account by paying the defaulted instalments and to continue to pay future instalments as per the loan agreement on due dates. This is opposed by the counsel for the Bank. It is submitted that the Bank themselves have given sufficient opportunity to the petitioners to regularise the loan account. But the petitioners have not availed of that benefit. 2. After hearing both sides, taking a lenient view, I dispose of this writ petition with the following directions: The petitioners shall pay the outstanding defaulted instalments of repayment of loan with interest and costs, if any, as stipulated by the Bank in two instalments along with the regular instalments as per the loan agreement payable in October and November, 2011. On payment of the same, the respondents shall allow the petitioners to pay the balance future instalments in accordance with the loan agreement on due dates as per the loan agreement. If the petitioners pay the instalment amounts as above on due dates without default, proceedings under the Act shall be kept in abeyance. However, if the W.P(C) No. 24872 of 2011 -: 2 :- petitioners commit default in payment of any one instalment, it would be open to the respondent s to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Sd/- S. Siri Jagan, Judge. Tds/