IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 2ND SEPTEMBER 2011 / 11TH BHADRA 1933 WP(C).No. 23886 of 2011(I) -------------------------- PETITIONER(S): --------------- K.V.THULASEEDHARAN, KODUVILYIL HOUSE, MANNADY, THUVAYOOR SOUTH, PATHANAMTHITTA. BY ADV. SRI. K.SHAJ RESPONDENT(S): --------------- 1. THE PATHANAMTHITTA DISTRICT CO-OPERATIVE NILAMEL BRANCH, MANNADY PO,PATHANAMTHITTA DISTRICT REPRESENTED BY ITS BRANCH MANAGER 689 645. 2. THE AUTHORIZED OFFICER/EXECUTIVE OFFICER PATHANAMTHITTA DISTRICT CO-OPERATIVE HEAD OFFICE, PATHANAMTHITTA 689 645. ADV.T.P.PRADEEP, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/09/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C).No. 23886/2011 APPENDIX PETITIONER(S)' EXHIBITS P1. COPY OF THE NOTICE DTD.15.1.2010. P2. COPY OF THE NOTICE DTD.13.8.2010. P3. COPY OF THE NOTICE ISSUED BY THE COMMISSION ADVOCATE TO THE PETITIONER. sdk+ ///True copy/// P.A. to Judge S.SIRI JAGAN, J. ================== W.P.(C).No. 23886 of 2011 ================== Dated this the 2nd day of September, 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 respondents for recovery of loan amounts defaulted by the petitioner. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility 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 stoutly opposed by the learned counsel for the bank. 2. 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 within one month from today, the respondents 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 w.p.c.23886/11 2 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 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