IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 3RD OCTOBER 2011 / 11TH ASWINA 1933 WP(C).No. 26001 of 2011(A) -------------------------- PETITIONER: ----------- B.SREELATHA, ASWATHY (NARAYANA NIVAS), PAZHAVEEDU P.O., ALAPPUZHA-688 009. BY ADV. SMT.T.S.MAYA (THIYADIL) SMT.REKHA NAIR SMT.K.M.RASHMI (PARAVOOR) RESPONDENTS: ------------ 1. THE AUTHORISED OFFICER, PNB HOUSING FINANCE LTD, SECURED CREDITOR, KOCHI-11. 2. THE BRANCH MANAGER, PNB HOUSING FINANCE LTD,40/9006, IST FLOOR, NEDUMCHALIL CHAMBERS, MULLASSERY CANAL ROAD, KOCHI-11. R1 & R2 ADV. SRI.C.AJITH KUMAR THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 03/10/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: JJJ WP(C).No. 26001 of 2011(A) APPENDIX PETITIONER'S EXHIBITS: EXHIBIT-P1 TRUE COPY OF THE NOTICE DATED 23/9/2011 ISSUED BY THE RESPONDENTS U/S.13(d) OF SARFAESI ACT. EXHIBIT-P2 TRUE COPY OF THE REPRESENTATION DATED 26/09/2011 FILED BY THE PETITIONER BEFORE THE 2ND RESPONDENT. RESPONDANTS'S EXHIBITS: NIL //TRUE COPY// P.A.TO JUDGE JJJ S.SIRI JAGAN, J. ================== W.P.(C).No. 26001 of 2011 ================== Dated this the 3rd day of October, 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 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 opposed by the learned counsel for the bank. 3. Having heard both sides, I am of opinion that the respondents can show some more leniency to the petitioner in the matter of regularising the loan account. Accordingly, 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, 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 commits default in payment of w.p.c.26001/11 2 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