IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 21ST DECEMBER 2011 / 30TH AGRAHAYANA 1933 WP(C).No. 34278 of 2011(H) ---------------------------------- PETITIONER(S): ------------------- K.SIVAPRASAD, S/O.P.M.NARAYANAN NAIR, KURUPPATH HOUSE, P.O.,ANAMANGAD, PERINTHALMANNA, MALAPPURAM DIST BY ADV. SRI.SUNIL KUMAR A.G RESPONDENT(S): --------------------- 1. STAE BANK OF TRAVANCORE, PERINTHALMANNA BRANCH,REGIONAL OFFICE-III, KOZHIKODE - 673001 REP.BY ITS AUTHORISED OFFICER,CHIEF MANAGER(ADV) 2. THE CHIEF MANAGER(ADV) AUTHORISED OFFICER, STATE BANK OF TRAVANCORE, PERINTHALMANNA BRANCH, REGIONAL OFFICE-III, KOZHIKODE-673001 BY ADV. SRI. T. SETHUMADHAVAN, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: svs W.P.(C). NO. 34278/2011 APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF THE NOTICE DTD 26/4/2011 ISSUED BY THE 2ND RESPONDENT. P2: COPY OF THE REPRESENTATION FILED BEFORE THE BANK AUTHORITIES DTD 14/12/2011. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A. TO JUDGE. svs S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.34278 of 2011 ---------------------------------------------- Dated this the 21st day of December, 2011 JUDGMENT The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondents for recovery of loan amounts due from the petitioner to the respondents. 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 instalment amounts and to pay the future instalments as per the original loan agreement. 2. This is opposed by the learned counsel for the bank. 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, W.P.(C)No.34278/11 2 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 continue 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 original 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. S. SIRI JAGAN, JUDGE acd W.P.(C)No.34278/11 3 W.P.(C)No.34278/11 4