IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 2ND NOVEMBER 2011 / 11TH KARTHIKA 1933 WP(C).No. 29028 of 2011(C) ----------------------------------- PETITIONER:- -------------------- KOMALAVALLI AMMA,W/O.ARAVINDAKSHAN PILLAI, AGED 55 YEARS, ARUN NIVAS, SASTHAMCOTTA, SOORANADU SOUTH VILLAGE, KOLLAM DISTRICT. BY ADVS. SRI. SIJU KAMALASANAN SRI. S.ABHILASH SMT. BINDU GEORGE RESPONDENTS:- ------------------------ 1. SENIOR MANAGER, KERALA STATE CO-OPERATIVE BANK LTD., KOLLAM BRANCH, WATER AUTHORITY BUILDING, ANANDAVALLEESWARAM, KOLLAM - 691 013. 2. THE AUTHORIZED OFFICER, KERALA STATE CO-OPERATIVE BANK LTD., THIRUVANANTHAPURAM REGIONAL OFFICE, STATE CO-OPERATIVE BANK BUILDING, OVER BRIDGE, THIRUVANANTHAPURAM - 695 001. BY S.C. SRI. NAGARAJ NARAYANAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 29028 of 2011(C) APPENDIX PETITIONER'S EXHIBITS : P1 : - COPY OF LOAN SANCTIONING LETTER DATED 11.12.2008 ISSUED BY THE 1st RESPONDENT IN FAVOUR OF THE PETITIONER. P2 :- COPY OF NOTICE ISSUED UNDER 13 (2) OF SARFAESI ACT DATED 05.10.2009. P3 : - COPY OF NOTICE DATED 22.04.2010. P4 : - COPY OF NOTICE AFFIXED ON 14.10.2011 U/s. 13 (4) OF THE SARFAESI ACT. P5 : - COPY OF STATEMENT OF ACCOUNT ISSUED BY THE 1st RESPONDENT BANK AS ON 24.10.2011. P6 : - COPY OF NOTICE DATED 14.10.2011 DEMANDING PHYSICAL POSSESSION OF THE SECURED ASSETS ISSUED BY THE 2nd RESPONDENT. RESPONDENTS' EXHIBITS : NIL (TRUE COPY) P.A. TO JUDGE DMR/- S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 29028 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 2nd 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 respondents 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 December, 2011 and January, 2012, the respondents 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 W.P.(C)No. 29028 of 2011 -2- 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 respondents 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/