IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 23RD JULY 2008 / 1ST SRAVANA 1930 WP(C).No. 21000 of 2008(Y) -------------------------- PETITIONER: -------------- P.N.PRABHAKARAN, 'SUPRABHALAYAM', ERUVELIPRA, THIRUMOOLAPURAM P.O. THIRUVALLA - 689 115. BY ADV. SRI.ARUN THOMAS RESPONDENTS: ------------- THE AUTHORISED OFFICER, (UNDER THE SECURITISATION ACT), CANARA BANK, THIRUVALLA BRANCH, CROSS JUNCTION, THIRUVALLA. BY ADV.SRI.P.GOPINATH MENON,SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 23/07/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J ================== W.P(C)No. 21000 of 2008 ================== Dated this the 23rd day of July, 2008. J U D G M E N T The petitioner is challenging proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, for recovery of amounts due from him to the respondent in respect of a housing loan. However, the petitioner only seeks facility to regularise the account by paying the defaulted instalments. The learned Standing Counsel opposes the prayer. According to him since the petitioner has been given all possible indulgence by the bank itself, the petitioner is not entitled to any further reliefs. 2. Having heard both sides, since this is a housing loan, I feel that the petitioner can be permitted to regularise the account by paying off the defaulted instalments with interest and costs on condition that the petitioner would pay the future instalments as per the loan agreement on the due dates without default. Accordingly, this writ petition is disposed of as follows: The petitioner shall pay all the defaulted instalments with interest and costs within one month from today. If the petitioner W.P(C)No. 21000 of 2008 - 2 - pays the same as directed above, the respondent shall regularise the loan account and permit the petitioner to pay of the future instalments as per the loan agreement on the due dates. If the petitioner pays the defaulted instalments within one month and pays future instalments on the due dates as per the loan agreement, further coercive recovery proceedings shall be kept in abeyance. However, if the petitioner commits default in payment of the defaulted instalments with interest and costs within one month or commits default in payment of any of the future instalments on the due date, it would be open to the respondent to continue proceedings as now initiated without having to issue any further notice or proceedings in that regard. S.SIRI JAGAN, JUDGE rhs