IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 14TH OCTOBER 2009 / 22ND ASWINA 1931 WP(C).No. 29012 of 2009(V) -------------------------- PETITIONER(S): --------------- K.M. CYRIAC, SON OF K.T.MATHEW,KULATHIL HOUSE, KAIPUZHA P.O., KOTTAYAM 686 602. BY ADV. SRI.KISHOR B. RESPONDENT(S): --------------- THE BRANCH MANAGER, STATE BANK OF INDIA, KAIPUZHA BRANCH, KOTTAYAM DIST. ADV.N.RAJAGOPALAN NAIR,SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 14/10/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J. ================== W.P(C).No.29012 of 2009 ================== Dated this the 14th day of October, 2009 J U D G M E N T The petitioner is a defaulter in repayment of loan amount due from him to the respondent. The respondent has initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, which has culminated in Ext.P1 possession notice. The petitioner is challenging the same. 2. In so far as the petitioner has not challenged the notice under Section 13(4) of the Act, it is obvious that the petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to regularise the loan account by paying off the defaulted arrears and to pay the balance EMIs in accordance with the loan agreement on the due dates. 3. This is opposed by the counsel for the respondent bank. However, in view of the peculiar facts and circumstances of the case, I am inclined to direct the respondent to take a lenient view in the matter. Accordingly, this writ petition is disposed of with the following directions: The respondent shall allow the petitioner to pay the defaulted arrears in three equal monthly instalments on 1.11.2009, 1.12.2009 and 1.1.2010, along with the EMIs for those months, so as to 2 regularise the loan account. Thereafter, the petitioner shall pay the EMIs for every month in accordance with the loan agreement without default. This facility is given on the specific undertaking of the petitioner that if he commits default in payment of any of the instalments as directed above, he would voluntarily hand over possession of the secured interest to the respondent. If the petitioner complies with the above directions without default, further proceedings pursuant to Ext.P1 shall be kept in abeyance. However, if the petitioner commits default, the petitioner shall voluntarily surrender possession of the property to the respondent failing which it would be open to the respondent to move this court for contempt of court apart from continuing the proceedings now initiated. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge