IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 29TH JULY 2011 / 7TH SRAVANA 1933 WP(C).No. 19736 of 2011(N) -------------------------------------- PETITIONER(S): ----------------------- SULAIKHA RAHMAN, W/O. MUHAMMED ABDUL RAHMAN, MALIEKKAL HOUSE, PUTHUPADI.P.O, KAVILUPRA, MAYILORAM, KOZHIKODE. BY ADVS. SRI.K.M.FIROZ SMT.M.SHAJNA RESPONDENT(S): ------------------------- 1. INDO PACIFIC HOUSING FINANCE INDIA LTD., IST FLOOR, AARPEES ARCADE, W.M.C.A ROAD, CALICUT, REPRESENTED BY ITS AUTHORISED OFFICER- 673 001. 2. UNION OF INDIA, REPRESENTED BY THE SECRETARY (BANKING AND INSURANCE) DEPARTMENT OF ECONOMIC AFFAIRS, MINISTRY OF FINANCE, PARLIAMENT STREET, NEW DELHI - 110 001. R1 BY ADV. SRI.RAJESH THOMAS R2 BY ADV. SRI.P.PARAMESWARAN NAIR,ASG OF INDIA THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 29/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss W.P.(C) NO.19736/2011 APPENDIX PETITIONER'S EXHIBITS P1:- COPY OF THE LETTER OF OFFER DTD. 1.7.2005 OF M/S. WEIZMANN HOMES LTD. P2:- COPY OF THE COMMUNICATION DTD. 10.6.06 IN THE MATTER OF THE SANCTION AMOUNT OF RS. 1,25,000/-. P3:- COPY OF THE LETTER OF FORECLOSURE DTD. 16.7.2011 IN RESPECT OF CLT-461 ISSUED BY THE IST RESPONDENT. P4:- COPY OF THE LETTER OF FORECLOSURE DTD.16.7.2011 IN RESPECT OF CLT-733 ISSUED BY THE FIRST RESPONDENT. RESPONDENT'S EXHIBITS NIL:- TRUE COPY P.A. TO JUDGE tss S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.19736 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 29th day of July, 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) Act initiated by the 1st respondent for recovery of loan amounts due from 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 instalments and to continue to pay the balance instalments in accordance with the original loan agreement. This is opposed by the counsel for the 1st respondent. Having heard both sides, taking a lenient view, I dispose of this writ petition with the following directions: The 1st respondent shall intimate the petitioner the amount required to regularise the loan account within one W.P.(C)No.19736 of 2011 -2- week. The petitioner shall pay the said amount within one month from today. On payment of the said amount, the 1st respondent shall regularise the loan account of the petitioner and allow the petitioner to pay the future instalments as per the original loan agreement on due dates. If the petitioner complies with the above directions strictly, further proceedings shall be kept in abeyance. However, if the petitioner commits any default in payment of the amounts required for regularising the loan account or any of the future instalments on due dates, it would be open to the 1st 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/