IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 14TH DECEMBER 2011 / 23RD AGRAHAYANA 1933 WP(C).No. 33369 of 2011(U) ------------------------------ PETITIONER(S) : ---------------------- LAILA SAINUDEEN W/O V.M. SAINUDEEN VYSYAMVEETTIL HOUSE, VIRUPPAKKA P.O, VAHZANI. BY ADV. SMT.MUMTAZ SHUMSUDDIN RESPONDENT(S) : ----------------------- 1. UNION BANK OF INDIA, REP. BY THE AUTHORISED OFFICER REGIONAL OFFICE, FIRST FLOOR,KSHB COMPLEX, VIKAS NAGAR, EAST HILL ROAD, KOZHIKKODE - 673 001. R1 BY ADV.SRI.A S P KURUP, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 14/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: AMV WPC NO.33369 OF 2011 (U) APPENDIX PETITIONER(S) EXHIBITS : EXT.P1 : COPY OF THE RECEIPTS OF PAYMENT. EXT.P2 : COPY OF DEMAND NOTICE UNDER SEC.13(2). EXT.P3 : COPY OF THE REQUEST LETTER SUBMITTED BY THE PETITIONER. RESPONDENTS' EXHIBITS : NIL /TRUE COPY/ P.A.TO JUDGE AMV S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.33369 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 14th day of December, 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 amounts stipulated by the bank for regularising the loan account in two equal monthly instalments along with regular instalments payable in accordance with the original loan agreement for January and February, 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 W.P.(C)No.33369 of 2011 -2- 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 proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Sd/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/