IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 18TH NOVEMBER 2011 / 27TH KARTHIKA 1933 WP(C).No. 28501 of 2011(K) -------------------------- PETITIONER: ------------------ K.T. JAFAR,AGED 39 YEARS, S/O.UMMER,KUTTANTHODI HOUSE, MELE PATTAMBI POST, PATTAMBI,OTTAPALAM TALUK BY ADV. SMT.T.D.RAJALAKSHMI SRI.R.SREEHARI RESPONDENTS: --------------------- 1. THE PALAKKAD DISTRICT CO-OPERATIVE BANK LIMITED NO.P 521, H P O ROAD,SULTHANPET, PALAKKAD 678 001, REPRESENTED BY THE GENERAL MANAGER 2. THE PALAKKAD DISTRICT CO-OPERATIVE BANK LTD.NO.P 521,PATTAMBI BRANCH,PATTAMBI, PIN 679 303,REPRESENTED BY THE BRANCH MANAGER 3. THE AUTHORISED OFFICER, THE PALAKKAD DISTRICT CO-OPERATIVE BANK LTD. NO.P 521 H P O ROAD, SULTHANPET,PALAKKAD 678 001 R1 BY ADV. SRI.M.P.ASHOK KUMAR THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 18/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: MM WP(C).No. 28501 of 2011(K) APPENDIX PETITIONER'S EXHIBITS P1 COPY OF THE NOTICE DTD. 26-09-2011 ISSUED BY THE 3RD RESPONDENT RESPONDENT'S EXHIBITS NIL /TRUE COPY/ P.A. TO JUDGE MM S.SIRI JAGAN.J. -------------------------------- WP(C)No.28501 OF 2011 --------------------------------- Dated this the 18 th day of November , 2011 J U D G M E N T The petitioner is a defaulter in repayment of loan amounts due from him to the respondents. The respondents have initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act for the recovery of the amounts due. The petitioner is challenging the same. The petitioner does not dispute the liability to pay or the quantum. The petitioner seeks permission to regularise the loan account and to continue to pay the instalments of repayment, on due dates as per the original loan agreement. 2. This is opposed by the counsel for the bank. 3. Having heard both sides, I am of the opinion that the respondents can show some more leniency to the petitioner in the matter of regularising the loan account. 4. Accordingly, this writ petition is disposed of with the 2 following directions. The petitioner shall pay the amounts stipulated by the bank for regularising the loan account within one month from today. On payment of the said amount the respondents shall regularise the petitioner's loan account and permit him to pay the balance installments as per the loan agreement on due dates. If the petitioner pays the amounts required for regularising the loan account within one month as directed above, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of the amounts required for regularising the loan account or any of the future instalments of loan as per the loan agreement on 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 MM 2 2