IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 3RD AUGUST 2011 / 12TH SRAVANA 1933 WP(C).No. 20595 of 2011(Y) ---------------------------------------- PETITIONER(S): ------------------------ 1. RUGMINI DEVI,W/O.GOPINATHAN, AGED 49 YEARS, KANKAPARAMBIL HOUSE, VILVATTOM VILLAGE, THRISSUR DISTRICT. 2. GOPINATHAN K.R, S/O.RAMAN EZHUTHACHAN ,AGED 55 YEARS KANKAPARAMBIL HOUSE, VILVATTOM VILLAGE, THRISSUR DISTRICT. BY ADV. SRI.C.A.CHACKO RESPONDENT(S): -------------------------- 1. STATE BANK OF TRAVANCORE,CHEROOR BRANCH, REPRESENTED BY ITS BRANCH MANAGER, CHEROOR, THRISSUR.PIN- 680 009. 2. THE DEPUTY TAHSILDAR (RR) THRISSUR. PIN-680 020 R1 BY ADV. SRI.T.SETHUMADHAVAN SRI.PUSHPARAJAN KODOTH SRI.K.JAYESH MOHANKUMAR THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 03/08/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sts WP(C)NO.20595/2011 APPENDIX PETITIONER'S EXHIBITS: P1 COPY OF THE PASSBOOK ISSUED BY THE 1ST RESPONDENT. P2 COPY OF THE NOTICES DATED 11/7/2011 ISSUED BY THE 2ND RESPONDENT. P3 COPY OF THE LETTER SENT BY THE CHIEF ENGINEER TO THE 2ND PETITIONER DATED 2/6/2011. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A.TO.JUDGE sts S.SIRI JAGAN, J. ================== W.P.(C).No. 20595 of 2011 ================== Dated this the 3rd day of August, 2011 J U D G M E N T The petitioners 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 petitioners. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek 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. However, taking a lenient view, I dispose of this writ petition with the following directions: The petitioners shall pay the outstanding defaulted amounts in four instalments along with the next four regular instalments as per the original loan agreement. If the petitioners pay the outstanding defaulted amounts as directed above, the 1st respondent shall regularise the loan account and allow the petitioners to pay the future instalments as per the original loan agreement. If the petitioners comply with the above directions and continue 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 w.p.c.20595/11 2 abeyance. However, if the petitioners commit 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 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