IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 21ST OCTOBER 2011 / 29TH ASWINA 1933 WP(C).No. 27791 of 2011(Y) ---------------------------------- MC.411/2011 of C.J.M.,TRIVANDRUM .................... PETITIONER(S): ------------------- PRAVEEN C. RAJ, S/O. M. RAJAN, AGED 32 YEARS, RESIDING AT T.C 21/1805 (15), S.P. NRITHALAYAM, SOMAN NAGAR, NEDUMCAUD, KARAMANA.P.O, THIRUVANANTHAPURAM. BY ADV. SRI.AYYAPPAN SANKAR RESPONDENT(S): --------------------- SYNDICATE BANK,REPRSENTED BY THE AUTHORISED OFFICER, CHIEF MANAGER, REGIONAL OFFICE, THIRUVANANTHAURAM - 695 001. BY ADV. SRI.R.S.KALKURA, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: svs W.P.(C). NO. 27791/2011 APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF ORDER DATED 14/07/2011 OF THE HONOURABLE CHIEF JUDICIAL MAGISTRATE COURT, THIRUVANANTHAPURAM IN M.C.NO.411/2011. P2: COPY OF OTS NOTICE DATED 13/09/2011 ISSUED BY THE RESPONDENT. P3: COPY OF THE NOTICE DATED 07/10/2011 ISSUED BY THE ADVOCATE COMMISSIONER APPOINTED BY THE HONOURABLE CHIEF JUDICIAL MAGISTRATE COURT, THIRUVANANTHAPURAM IN M.C.NO.411/2011. P4: COPY OF REPRESENTATION DATED 14/10/2011 SUBMITTED BY THE PETITIONER REQUESTING REGULARIZATION OF THE LOAN ACCOUNT. P5: COPY OF THE STATEMENT OF ACCOUNT SHOWING THE CURRENT ARREAR IN THE LOAN ACCOUND ISSUED BY THE RESPONDENT ON 14/10/2011. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A. TO JUDGE. svs S.SIRI JAGAN, J. ================== W.P.(C).No. 27791 of 2011 ================== Dated this the 21st 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 respondent 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 is opposed by the learned counsel for the bank. 3. Having heard both sides, 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 respondent 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 either the defaulted amounts or any of the future instalments as per the loan agreement, it would be open to the respondent to continue w.p.c.27791/11 - : 2 :- 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