IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 24TH NOVEMBER 2011 / 3RD AGRAHAYANA 1933 WP(C).No. 31380 of 2011(V) ---------------------------------------- PETITIONER(S): ------------------------- BABU S., SECRETARY, TRINITY EDUCATIONAL AND CHARITABLE SOCIETY, EDAKODE, NEMOM PO, TRIVANDRUM. BY ADV. SRI.B.KRISHNA MANI RESPONDENT(S): --------------------------- THE AUTHORISED OFFICER AND THE CHIEF MANAGER, BANK OF BARODA, FORT BRANCH, THIRUVANANTHAPURAM. BY ADV. SRI. DEVAN RAMACHANDRAN, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 24/11/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss WPC.NO.31380/2011 V APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF THE ORDER DTD. 31/12/05 PASSED BY GOVERNMENT OF KERALA, GENERAL EDUCATION (F) DEPARTMENT. P2: COPY OF THE PETITION AND NOTICE M.C.NO.140/2011 BEFORE THE CHIEF JUDICIAL MAGISTRATE'S COURT, THIRUVANANTHAPURAM DTD.22/2/2011. P3: COPY OF THE OBJECTION DTD. 4/08/2011 IN M.C.NO.140/2011 BEFORE THE CHIEF JUDICIAL MAGISTRATE'S COURT, THIRUVANANTHAPURAM. P4: COPY OF THE ORDER DTD. 4/08/2011 IN M.C.NO.140/2011 BEFORE THE CHIEF JUDICIAL MAGISTRATE'S COURT, THIRUVANANTHAPURAM. RESPONDENT'S EXHIBITS: N I L /TRUE COPY/ P.A.TO JUDGE Kss S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.31380 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 24th 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 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 payable on 02.01.2012, 01.02.2012 & 01.03.2012, the respondent shall permit the petitioner to W.P.(C)No.31380 of 2011 -2- 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 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/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/