IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 7TH DECEMBER 2011 / 16TH AGRAHAYANA 1933 WP(C).No. 32060 of 2011(F) ---------------------------------- PETITIONER(S): ------------------ VISHNU BHARATHEEYAN K.E., S/O. MEENAKSHI AMMA, AGED 53 YEARS, KAIRALI DELUXE, C.O.KOLONGOT HOUSE, VELLASSERI POST, R.E.C., KOZHIKODE-673 601. BY ADVS. SRI.K.M.FIROZ SMT.M.SHAJNA RESPONDENT(S): -------------------- 1. SUNDARAM BNP PARIBAS HOME FINANCE LTD., 2ND FLOOR, BMT CENTRE, NEAR COMTRUST EYE HOSPITAL, MINI BYEPASS ROAD, PUTHIYARA, KOZHIKODE-673 004. 2. UNION OF INDIA, REPRESENTED BY THE SECRETARY (BANKING & INSURANCE), DEPARTMENT OF ECONOMIC AFFAIRS, MINISTRY OF FINANCE, PARLIAMENT STREET, NEW DELHI-110 001. R1 BY ADV. SRI.S.EASWARAN R2 BY ADV. SRI. P. PARAMESWARAN NAIR, ASG. THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 07/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: svs W.P.(C). NO. 32060/2011 APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF THE POSSESSION NOTICE DTD.21.10.2011 ISSUED BY THE 1ST RESPONDENT FOR AN AMOUNT OF RS.13,92,463/-. P2: COPY OF THE POSSESSION NOTICE DTD.21.10.2011 ISSUED BY THE FIRST RESPONDENT FOR AN AMOUNT OF RS.13,75,287/-. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A. TO JUDGE. svs S.SIRI JAGAN, J. ================== W.P.(C).No. 32060 of 2011 ================== Dated this the 7th day of December, 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 1st respondent for recovery of loan amounts defaulted by the petitioner. The petitioner only seeks facility to regularise the loan account by paying the defaulted amounts and to pay off the future instalments as per the original loan agreement. 2. This is opposed by the learned counsel for the bank. 3. Having heard both sides, 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 within one month, the 1st 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 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 respondents to continue w.p.c.32060/11 - : 2 :- 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