IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S. SIRI JAGAN FRIDAY, THE 16TH DECEMBER 2011 / 25TH AGRAHAYANA 1933 W.P.(C).No. 33124 of 2011(M) --------------------------------------- PETITIONER(S) : ---------------------- KRISHNAMURTHY, S/O.MARUTHAMUTHU, AGED 38 YEARS, KRISHNA NIVAS, UDHUVAKKADU, PALLATHERI P.O., PALAKKAD - 678 007. BY ADV. SRI. JACOB SEBASTIAN RESPONDENT(S) : ------------------------- STATE BANK OF MYSORE, REPRESENTED BY THE AUTHORIZED OFFICER, STATE BANK OF MYSORE, SULTANPET BRANCH, HEAD POST OFFICE ROAD, PALAKKAD - 678 001. THIS WRIT PETITION ( CIVIL) HAVING BEEN FINALLY HEARD ON 16/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: NS W.P.C. NO. 33124/2011 APPENDIX PETITIONER(S) EXHIBITS : EXT.P1 : COPY OF POSSESSION NOTICE DATED 25.07.2011 ISSUED TO THE PETITIONER BY THE RESPONDENT BANK. RESPONDENT(S) EXHIBITS : NIL / TRUE COPY / P.A. TO JUDGE NS S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.33124 of 2011 ---------------------------------------------- Dated this the 16th day of December, 2011 JUDGMENT The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondent for recovery of loan amounts due from the petitioner to the respondent. 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. 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 January and February, 2012 W.P.(C)No.33124/11 2 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 continue 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 original 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. S. SIRI JAGAN, JUDGE acd W.P.(C)No.33124/11 3 W.P.(C)No.33124/11 4