IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 29TH JULY 2011 / 7TH SRAVANA 1933 WP(C).No. 20708 of 2011(K) --------------------------------------- PETITIONER: ------------------- K.V.RAJENDRAN, K.V.BHAVANAM, KIDANGAYAM NORTH, SOORANADU SOUTH, PATHARAM, KOLLAM DISTRICT. BY ADV. SRI.A.AHZAR. RESPONDENT: ---------------------- CHIEF MANAGER, AUTHORISED OFFICER, INDIAN BANK, KOTTARAKKARA-691 506. BY SRI. S. EASWARAN, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29/07/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C). NO.20708/2011-K: APPENDIX PETITIONERS' EXHIBITS: EXT.P.1: COPY OF THE NOTICE U/S. 13(2). EXT.P.2: COPY OF THE RULE 8 (1) POSSESSION NOTICE. RESPONDENTS' EXHIBITS: NIL. //TRUE COPY// P.A. TO JUDGE. Prv. S.SIRI JAGAN, J. ================== W.P.(C).No. 20708 of 2011 ================== Dated this the 29th 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 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. He submits that the bank has already issued possession notice and incurred expenses for the same. Therefore, it is difficult for the bank to retrace its steps is his contention. 3. However, taking a lenient view, I dispose of this writ petition with the following directions: The respondent shall inform the petitioner the amount required for regularising the loan account within two weeks. If the petitioner pays the amounts stipulated by the bank for regularising the loan account within one month from today, the respondent shall permit the petitioner to regularise the loan account and to pay off the future instalments as per the original loan agreement. If the petitioner w.p.c.20708/11 2 complies with the above directions and continues to pay the 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 respondents 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