IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 12TH OCTOBER 2011 / 20TH ASWINA 1933 WP(C).No. 26824 of 2011(C) -------------------------- PETITIONER: ----------------- C.M. ABDUL RAFEEK, S/O.S. MOIDEEN, A.V. HOUSE, KILASI STREET, NEAR HQ HOSPITAL, KANNUR-670 017. BY ADV. SRI.AJITH KRISHNAN RESPONDENT(S): ------------------------ 1. STATE BANK OF TRAVANCORE, REPRESENTED BY AUTHORISED OFFICER, JUBILY BHAVAN, MINI BYPASS ROAD, ERANJIPALAM, KOZHIKODE-673 006. 2. BRANCH MANAGER, STATE BANK OF TRAVANCORE, KANNUR MAIN BRANCH, KANNUR P.O., KANNUR-670 001. BY ADV.SRI.T.SETHUMADHAVAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 12/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 26824 of 2011(C) -------------------------------------- APPENDIX -------------- PETITIONER(S) EXHIBITS -------------------------------------- EXT.P1TRUE COPY OF THE POSSESSION NOTICE DATED 5.7.2011 UNDER SECTION 13(4) OF SARFAESI ACT ISSUED BY THE 1ST RESPONDENT. EXT.P2TRUE COPY OF THE LETTER DATED 16.8.2011 ISSUED BY THE 1ST RESPONDENT EXT.P3TRUE COPY OF THE RECEIPT DATED 16.9.2011 ISSUED BY THE 2ND RESPONDENT. RESPONDENTS' EXHIBITS : NIL --------------------------------------- / TRUE COPY / P.A. TO JUDGE VK S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 26824 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 12th day of October, 2011. J U D G M E N T The petitioner is aggrieved by the proceedings initiated by the respondents under the Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for recovery of loan amounts due from the petitioner to the respondents. 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 instalments and to continue to pay the future instalments as per the loan agreement on due dates. This is opposed by the counsel for the bank. 2. Having heard both sides, I dispose of this writ petition with the following directions: The petitioner shall pay the outstanding arrears of defaulted instalments of repayment of loan in two equal instalments along with the regular instalments payable as per the loan agreement in October and November, 2011. On such payment, the respondents shall regularise the loan account of the petitioner and allow him to pay the balance future instalments as per the loan agreement on due dates. If the petitioner pays the outstanding arrears as directed above and the future instalments on due dates as per the loan agreement without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of arrears of defaulted instalments or any of the future instalment on due dates as directed above, it would be open to W.P(C) No. 26824 of 2011 -: 2 :- 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/