IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 6TH DECEMBER 2011 / 15TH AGRAHAYANA 1933 WP(C).No. 32396 of 2011(Y) -------------------------------------- PETITIONERS: --------------------- 1. SINDHU SUKANYA,PADINJATTATHIL HOUSE, KALLATTUMUKKU,MANACAUD P.O,THIRUVANANTHAPURAM. 2. ASOK KUMAR,PADINJATTATHIL HOUSE, KALLATTUMUKKU,MANACAUD P.O,THIRUVANANTHAPURAM. BY ADVS. SRI.SUMAN CHAKRAVARTHY, SRI.A.S.ANILKUMAR. RESPONDENTS: ------------------------ 1. THE AUTHORIZED OFFICER, GENERAL MANAGER,SYNDICATE BANK,REGIONAL OFFICE, THIRUVANANTHAPURAM- 695 002. 2. THE SYNDICATE BANK, REPRESENTED BY ITS GENERAL MANAGER,THIRUVANANTHAPURAM- 695 002. R1 & R2 BY SRI. R.S. KALKURA, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/12/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C).NO.32396/2011-Y: APPENDIX PETITIONER'S EXHIBITS:- EXHIBIT P1: TRUE COPY OF THE PAYMENT RECEIPTS. EXHIBIT P2: TRUE COPY OF THE STATEMENT OF ACCOUNTS. EXHIBIT P3: TRUE COPY OF THE ORDER DATED 18/8/2011. RESPONDENTS' EXHIBITS:- NIL. //TRUE COPY// P.S. TO JUDGE Prv. S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 32396 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 6th 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 respondents for recovery of loan amounts defaulted by the petitioner. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek opportunity 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. However, taking a lenient view, I dispose of this writ petition with the following directions: If the petitioners pay the amount stipulated by the bank for regularising the loan account within one month along with regular instalments payable in accordance with the original loan agreement, the respondents 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 amount 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. Sd/- S. Siri Jagan, Judge. Tds/