IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 26TH JULY 2011 / 4TH SRAVANA 1933 WP(C).No. 20106 of 2011(K) ---------------------------------------- PETITIONER(S): ------------------------ 1. P.P.JOHNY, AGED 50 YEARS, S/O. PONOOS, RESIDING AT PALACKATHADATHIL HOUSE, KOOTHATTUKULAM P.O., ERNAKULAM-686 662. 2. LEELA JOHNY, AGED 45 YEARS, W/O. JOHNY, RESIDING AT PALACKATHADATHIL HOUSE, KOOTHATTUKULAM P.O., ERNAKULAM-686 662. BY ADV. SRI.PEEYUS A.KOTTAM RESPONDENT(S): --------------------------- 1. AUTHORIZED OFFICER/CHIEF MANAGER (LAW), M/S. CATHOLIC SYRIAN BANK LTD., ZONAL OFFICE, ERNAKULAM.PIN-682 011 2. THE MANAGER, M/S. CATHOLIC SYRIAN BANK LTD., P.B.NO.10, KOOTHATTUKULAM BRANCH, KOOTHATTUKULAM-686 662, ERNAKULAM DISTRICT. R1 & R2 BY ADV.SRI.B.S.KRISHNAN,SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 26/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sts WP(C)NO.20106/2011 APPENDIX PETITIONER'S EXHIBITS: P1 COPY OF THE SANCTION LETTER DATED 03/06/2005 ISSUED BY 2ND RESPONDENT BANK TO PETITIONERS. P2 COPY OF THE DISCHARGE SUMMARY DATED 23/07/2010 ISSUED BY CARITAS HOSPITAL, KOTTAYAM TO THE 2ND PETITIONER. P3 COPY OF THE STATEMENT OF ACCOUNT OF A/C NO.20040012 FOR THE PERIOD 01/04/2004 TO 21/07/2011 ISSUED BY 2ND RESPONDENT TO 1ST PETITIONER. P4 COPY OF THE STATEMENT OF ACCOUNT OF A/C NO.20050004 FOR THE PERIOD FROM 01/01/2004 TO 21/07/2011 ISSUED BY 2ND RESPONDENT BANK TO 1ST PETITIONER. P5 COPY OF THE NOTICE DATED 12/07/2011 ISSUED BY ADVOCATE COMMISSIONER G HARIKRISHNAN IN CRL.M.P.NO.2012/2011 BEFORE CHIEF JUDICIAL MAGISTRATE COURT, ERNAKULAM TO PETITIONERS. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A.TO.JUDGE sts S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.20106 OF 2011 ---------------------------------------------- Dated this the 26th day of July, 2011 JUDGMENT The petitioners are defaulters in repayment of loan amounts taken by them from the respondents. The respondents have initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, which is under challenge in this writ petition. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek a direction to the respondents to permit the petitioners to regularise the loan account by paying the defaulted instalments and to permit the petitioners to continue to pay the instalments as per the original loan agreement. 2. This is opposed by the learned Standing Counsel for the bank. 3. Having heard both sides, I dispose of this writ petition with the following directions: The 2nd respondent shall issue a communication to the petitioners intimating them the amount required for regularising W.P.(C)No.20106/11 2 the loan account and taking the loan out of NPA scheme. The petitioners shall pay the same within one month from today. If the petitioners pay the said amount, the respondents shall permit the petitioners to regularise the loan account and to continue to pay the instalments of loan amount as per the original loan agreement. If the petitioners comply with the above direction promptly, further proceedings under the Act shall be kept in abeyance. However, if the petitioners commit default in payment of the amount necessary for regularising the loan account or any of the future instalments as per the original loan agreement on the due dates, it would be open to the respondents 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.20106/11 3 W.P.(C)No.20106/11 4