IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 19TH OCTOBER 2011 / 27TH ASWINA 1933 WP(C).No. 26069 of 2011(G) -------------------------- PETITIONER(S): ----------------------- MANESH.C,S/O.GOPALAN,NARANATH METTHAL, MUTHUVANNACHA,PALAYIL,KUTTIYADI(VIA),QUILANDY. BY ADV.S SRI.R.PARTHASARATHY SMT.SEEMA RESPONDENT(S): ------------------------ 1. DEWAN HOUSING FINANCE CORPORATION LTD, 2ND FLOOR,MARINA MALL,YMCA CROSS ROAD,CALICUT, PIN-673001.REPRESENTED BY ITS AUTHORISED OFFICER. 2. THE MANAGER,DEWAN HOUSING FINANCE CORPORATION LIMITED,2ND FLOOR,MARINA MALL, YMCA CROSS ROAD,CALICUT,PIN-673001. BY ADV. SRI.P.SANJAY THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 19/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 26069 of 2011(G) ---------------------------------------- APPENDIX --------------- PETITIONER'S EXHIBITS ------------------------------------ EXT.P1. COPY OF THE NOTICE ISSUED BY THE RESPONDENT BANK EXT.P2. COPY OF THE POSSESSSION NOTICE ISSUED BY 1ST RESPONDENT. RESPONDENT'S EXHIBITS : NIL ------------------------------------ / TRU COPY/ P.A. TO JUDGE VK S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 26069 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 19th day of October, 2011. J U D G M E N T The petitioner challenges proceedings under the Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 initiated by the respondents for recovery of loan amounts due to the respondents from the petitioner. The petitioner now seeks facility to regularise the loan account by paying the defaulted instalments of repayment of loan and continue payment of the future instalments as per the loan agreement. This is opposed by the counsel for the respondents . 2. Having heard both sides, I dispose of this writ petition with the following directions: The petitioner shall pay the balance amount due, after adjusting the amount of Rs. 75,000/- paid as per the interim order dated 30.9.2011, for regularisation of the loan account within one month from today. On payment of the same, the respondents shall regularise the petitioner's loan account and allow the petitioner to continue to pay the future instalments of repayment of loan on due dates as per the loan agreement. The petitioner shall be permitted to continue to reside in the house situated in the property, but, possession shall continue with the respondents. If the petitioner commits default in payment as directed above, the petitioner shall voluntarily surrender the house also and if the petitioner does not so surrender, it would be open to the respondents to move this Court for contempt of W.P(C) No. 26069 of 2011 -: 2 :- court. I record the statement of the learned counsel for the respondents that the balance amount due for regularisation of the loan account is Rs. 35,175/-. If the petitioner pays the amount required to regularise the loan account and the future instalments on due dates as directed above, further proceedings under the Act shall be kept in abeyance. But, if the petitioner commits default in payment of either the amount required for regularising the loan account or any of the future instalments, the respondents can continue proceedings as initiated now without having to issue any further notice or proceedings in that regard. Sd/- S. Siri Jagan, Judge. Tds/