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. 20604 of 2011(A) -------------------------------------- PETITIONER: ------------------- FRANCIS.P.P., AGED 51 YEARS, S/O. PAUL.P.X., PUNNACKAL HOUSE, ANDHAKARANAZHY POST, ALAPUZHA DIST. BY ADV. SMT.E.V.MOLY. RESPONDENT: ---------------------- STATE BANK OF TRAVANCORE, (ASSOCIATE OF STATE BANK OF INDIA) REGION III, ZONAL OFFICE, ERNAKULAM, REPRESENTED BY ITS AUTHORIZED OFFICER. PIN-682 038. BY ADV. SRI. SATHISH NINAN, 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.20604/2011-A: APPENDIX PETITIONERS' EXHIBITS: EXT.P.1: COPY OF THE RELEVANT PAGES OF THE PASS BOOK ISSUED BY THE KERALA FISHERMANS WELFARE BOARD. EXT.P.2: COPY OF THE RECEIPT ISSUED BY THE KERALA STATE FISHERMANS DEBT RELIEF COMMISSION. EXT.P.3: COPY OF THE NOTICE DT. 18/02/2011 ISSUED BY THE ADVOCATE COMMISSIONER. EXT.P.4: COPY OF THE JUDGMENT IN W.P.(C).NO.6111/2011 DT. 06/04/2011. EXT.P.5: COPY OF THE LOK ADALAT NOTICE DT. 05/07/2011. RESPONDENTS' EXHIBITS: NIL. //TRUE COPY// P.A. TO JUDGE. Prv. S.SIRI JAGAN, J. ================== W.P.(C).No. 20604 of 2011 ================== Dated this the 29 th 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 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 on the due dates. The learned counsel for the petitioner submits that the petitioner is prepared to pay off the defaulted arrears by tomorrow. 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 defaulted arrears of instalments of repayment of loan within two days, 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 complies 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 w.p.c.20604/11 2 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 as directed above, it would be open to the respondent to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. It would be open to the petitioner to approach the respondent for relief under the Fishermen Debt Relief scheme applicable, which shall be considered by the respondent. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge