IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 22ND JULY 2011 / 31ST ASHADHA 1933 WP(C).No. 20022 of 2011(C) ---------------------------------- PETITIONER(S): -------------------- 1. M.K.MOHANAN, AGED 53 YEARS, S/O.KUNJIKUTTAN, MANGALATHUPARAMBIL HOUSE, MALAYATTOOR P.O., PIN-683587. 2. M.N.KAMALAM, AGED 52 YEARS, W/O.MOHANAN, MANGALATHUPARAMBIL HOUSE, MALAYATTOOR P.O., ERNAKULAM-683587. BY ADV. SRI.K.SUNILKUMAR RESPONDENT(S): -------------------- THE CHIEF MANAGER (AUTHORISED OFFICER), UNION BANK OF INDIA, NODAL REGIONAL OFFICE, UNION BANK BHAVAN, M.G.ROAD, ERNAKULAM, PIN-682035. BY ADV. SRI.A.S.P. KURUP, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: svs W.P.(C). NO. 20022/2011 APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF THE DEMAND NOTICE DATED 21/01/2011 ISSUED BY RESPONDENT. P2: COPY OF THE POSSESSION NOTICE DATED 1904/2011 ISSUED BY THE RESPONDENT. P3: COPY OF THE NOTICES DATED 18/07/2011 ISSUED BY THE ADVOCATE COMMISSIONER. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A. TO JUDGE. svs S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 20022 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 22nd day of July, 2011. J U D G M E N T The petitioners challenge 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 due from the petitioners to the respondent. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek facility to regularise the loan account by paying off the defaulted instalments and to continue to pay the instalments of repayment of loan on due dates in accordance with the original loan agreement. This is opposed by the counsel for the respondent. However, taking a lenient view, I dispose of this writ petition with the following directions: The petitioners shall pay the outstanding defaulted instalments of loan amounts with interest as per the loan agreement within one month from today. If the petitioners pay the amount, the respondent shall allow the petitioners to regularise their loan account and to continue to pay future instalments on repayment of loan on the dud dates in accordance with the original loan agreement. If the petitioners pay the outstanding defaulted instalments and the future instalments on due dates, further coercive recovery proceedings shall be kept in abeyance. However, if the petitioners commit default in complying with the above directions or in paying any one W.P(C) No. 20022 of 2011 -: 2 :- instalment, it would be open to the respondent to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Sd/- S. Siri Jagan, Judge. Tds/