IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 9TH NOVEMBER 2011 / 18TH KARTHIKA 1933 WP(C).No. 29786 of 2011(W) ----------------------------------------- PETITIONER(S): ------------------------- ABDUL AZIZ, VILAYIL VEEDU, 727, VILAYIL VEEDU, PERUMKUZHY.P.O., THIRUVANANTHAPURAM BY ADV. SRI.M.R.SARIN PANICKER SRI.M.R.SASITH PANICKER RESPONDENT(S): ---------------------------- THE AUTHORISED OFFICER/CHIEF MANAGER, UNION BANK OF INDIA, NRI BRANCH, THIRUVANANTHAPURAM.PIN-695 001 BY ADV.SRI.A.S.P.KURUP,SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 09/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sts WP(C)NO.29786/2011 APPENDIX PETITIONER(S) EXHIBITS EXT.P1 TRUE COPY OF THE NOTICE ISSUED BY THE RESPONDENT TO THE PETITIONER. EXT.P2 TRUE COPY OF THE MC NO.43/2011 OF PENDING BEFORE CJM THIRUVANANTHAPURAM. RESPONDENTS' EXHIBITS : NIL /TRUE COPY/ P.S.TO.JUDGE sts S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 29786 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 9th day of November, 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 does not dispute the liability to pay or the quantum. The petitioner only seeks opportunity 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: If the petitioner pays the defaulted arrears along with the normal instalments payable in December, 2011 and January, 2012, 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 W.P(C) No. 29786 of 2011 -: 2 :- to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Sd/- S. Siri Jagan, Judge. Tds/