IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 24TH OCTOBER 2011 / 2ND KARTHIKA 1933 WP(C).No. 28200 of 2011(Y) -------------------------- PETITIONER(S): --------------------- BAIJU SUNDAR, PULIKKAVILA VEEDU, 6/357,OFFICE WARD, KALLIYOOR ,THIRUVANANTHAPURAM. BY ADVS. SRI.K.M.ANEESH SRI.K.SANTHOSH KUMAR (KALIYANAM) RESPONDENT(S): -------------------------- THE UNION BANK OF INDIA,CHALAI BAZAR BRANCH, REPRESENTED BY ITS AUTHORISED OFFICER AND CHIEF MANAGER,CHALAI BAZAR BRANCH, THIRUVANANTHAPURAM 695 001. BY ADV.SRI.A.S.P.KURUP, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 24/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: VK WP(C).No. 28200 of 2011(Y) --------------------------------------- APPENDIX --------------- PETITIONER'S EXHIBITS ----------------------------------- EXT.P1. COPY OF THE APPLICATION FILED BY THE RESPONDENT BEFORE THE CHIEF JUDICIAL MAGISTRATE COURT, THIRUVANANTHAPURAM DATED 3.2.2011. EXT.P2. COPY OF THE ORDER OF THE CHIEF JUDICIAL MAGISTRATE COURT, THIRUVANANTHAPURAM IN M.C. NO.108/2011 DT 13.7.2011 EXT.P3. COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER STATING THAT THE PHYSICAL POSSESSION OF THE MORTGAGED PROPERTY WILL BE TAKEN ON 01.11.2011. RESPONDENT'S EXHIBITS : NIL --------------------------------- / TRUE COPY / P.A. TO JUDGE VK S.SIRI JAGAN, J. ================== W.P.(C).No. 28200 of 2011 ================== Dated this the 24th day of October, 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 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 three equal monthly instalments along with regular instalments payable in accordance with the original loan agreement for November and December, 2011, and January, 2012, 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 w.p.c.28200/11 - : 2 :- 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 respondent 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