IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 2ND NOVEMBER 2011 / 11TH KARTHIKA 1933 WP(C).No. 28835 of 2011(D) ------------------------------------ PETITIONER(S): ----------------------- RENUKA S., W/O.LATE SASIDHARAN PILLAI, NAMBOZHI KALEECKAL, MUTHUKULAM SOUTH, MUTHUKULAM POST, ALAPPUZHA DISTRICT. BY ADV. SRI.B.S.SIVAJI RESPONDENT(S): ----------------------- 1. THE AUTHORISED OFFICER AND CHIEF MANAGER, CANARA BANK, PATHIYOOR, KAREELAKULANGARA, ALAPPUZHA DISTRICT – 688 530. 2. THE BRANCH MANAGER, CANARA BANK, PATHIYOOR, KAREELAKULANGARA, ALAPPUZHA DISTRICT – 688 530. BY ADV.SRI.PAULY MATHEW MURICKEN, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: AV WPC.NO.28835/2011 APPENDIX PETITIONER(S) EXHIBITS : EXHIBIT P1: COPY OF THE SALE NOTICE DATED 23-9-2011 ISSUED BY THE 1ST RESPONDENT. RESPONDENTS' EXHIBITS : NIL /TRUE COPY/ P.A. TO JUDGE AV S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 28835 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 2nd day of November, 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 respondents 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 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 petitioner pays the amounts stipulated by the bank for regularising the loan account in two equal monthly instalments along with regular instalments payable in accordance with the original loan agreement for December, 2011 and January, 2012, the respondents 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 complies with the above directions and continues to pay the W.P.(C)No. 28835 of 2011 -2- 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 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/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/