IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 11TH JULY 2011 / 20TH ASHADHA 1933 WP(C).No. 16279 of 2011(H) --------------------------------------- PETITIONER(S): ------------------------ 1. G.CHANDRAKUMAR, S/O. LATE GOPALAPILLAI, MAJEENDRA, KURUMANNA, MUKHATHALA P.O., KOLLAM. 2. PADMAKUMARI, W/O. G.CHANDRAKUMAR, MAJEENDRA, KURUMANNA, MUKHATHALA P.O., KOLLAM. 3. MAJI C.NAIR, S/O. G.CHANDRAKUMAR, MAJEENDRA, KURUMANNA, MUKHATHALA P.O., KOLLAM. BY ADVS. SRI.THOMAS ABRAHAM SRI.DIPU.R SMT.MERCIAMMA MATHEW SRI.K.S.HARIDAS SRI.V.RENJITH KUMAR RESPONDENT(S): --------------------------- 1. REGIONAL MANAGER, VIJAYA BANK, REGIONAL OFFICE, 1ST FLOOR, JOSE ANNEXE, JOSE JUNCTION, M.G.ROAD, ERNAKULAM - 682 016. 2. AUTHORIZED OFFICER, VIJAYA BANK, R.R.SECTION, REGIONAL OFFICE, 1ST FLOOR, JOSE ANNEXE, JOSE JUNCTION, M.G.ROAD, ERNAKULAM - 682 016. 3. BRANCH MANAGER, VIJAYA BANK, KOLLAM BRANCH, VADAYATTUKOTTA ROAD, CHAMAKKADA, KOLLAM.PIN-682 016 4. REGIONAL MANAGER, RESERVE BANK OF INDIA, KOCHI - 682 017. R1 TO R3 BY ADV.SMT.LATHA KRISHNAN,SC, VIJAYA BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 11/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sts WP(C)NO.16279/2011 APPENDIX PETITIONER'S EXHIBITS: P1 COPY OF THE NOTICE PUBLISHED IN MALAYALA MANORAMA DAILY DATED 25/11/2010. P2 COPY OF THE NOTICE DATED 06/06/2011 ISSUED BY THE ADVOCATE COMMISSION APPOINTED BY THE CHIEF JUDICIAL MAGISTRATE'S COURT, KOLLAM IN C.M.P.NO.4052 OF 2011. P3 COPY OF THE REPRESENTATION DATED 14/6/2011. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A.TO.JUDGE sts S.SIRI JAGAN, J. ================== W.P.(C).No. 16279 of 2011 ================== Dated this the 11th day of July, 2011 J U D G M E N T The petitioners challenge proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, initiated by respondents 1 to 3 for recovery of the defaulted loan amounts from the petitioners. The learned counsel for the petitioners submits that the petitioners are prepared to regularise the loan account and to continue payment of the instalments as per the original loan agreement in future. This Court on 17.6.2011 passed an order directing the petitioners to pay an amount of ` 2.5 lakhs as a condition for stay. The parties agree that the said amount has been paid. The learned counsel for respondents 1 to 3 admits that as at present, amounts necessary for regularisation of the loan account have already been paid. In the above circumstances, I dispose of this writ petition with a direction to respondents 1 to 3 to regularise the loan account of the petitioners and to permit the petitioners to pay off the balance instalments on due dates in accordance with the original loan agreement. If the petitioners pay the instalments on the due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioners commit default in payment of any one instalment, it would be open to respondents 1 to 3 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