IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 18TH AUGUST 2011 / 27TH SRAVANA 1933 WP(C).No. 30304 of 2010(K) -------------------------- PETITIONER(S): --------------- SANAL N.B., FLAT NO.201, AREENA APARTMENTS, FATHIMA CHURCH ROAD, ELAMKULAM, KADAVANTHRA P.O., KOCHI. BY ADV. SMT.S.MUMTAZ RESPONDENT(S): --------------- THE FEDERAL BANK LTD., REP. BY THE AUTHORISED OFFICER, GIRINAGAR, ELAMKULAM, KADAVANTHRA P.O., ERNAKULAM- 682 019. BY ADV. SRI.M.V.MATHEW THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/08/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 30304 of 2010(K) APPENDIX PETITIONER'S EXHIBITS: P1. COPY OF 13 (2) NOTICE. P2. COPY OF THE POSSESSION NOTICE P3. COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER P4. COPY OF REQUEST LETTER SUBMITTED BY THE PETITIONER TO THE BANK. RESPONDENT'S EXHIBITS: R (a) COPY OF PAPER PUBLICATION IN INDIAN EXPRESS. R (b) COPY OF PAPER PUBLICATION IN MANGALAM DAILY. //TRUE COPY// P.A. TO JUDGE Shg/ S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.30304 of 2010 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 18th day of August, 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 (SARFAESI Act) initiated by the respondents for recovery of loan amounts due from the petitioner to the respondent. The petitioner seeks facility to regularize the loan account by paying off the amounts covered by the defaulted installments of repayment of loan with interest and to continue to pay the future installments as per the original loan agreement. This is opposed by the counsel for the bank. However, taking a lenient view, I dispose of this writ petition with the following directions: The petitioner shall pay the overdue amounts with interest, due from the petitioner in respect of the loan account within one month from today. If the petitioner pays W.P.(C)No.30304 of 2010 -2- the same, the respondents shall regularize the loan account of the petitioner and allow the petitioner to continue payment of the future installments as per the original loan agreement. If the petitioner pays the defaulted outstanding amounts with interest as directed above and continues to pay the future installments as per the original loan agreement further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of either the outstanding defaulted amounts or any one of the future installments as per the original loan agreement, it would be open to the respondent to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Sd/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/