IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 21ST JULY 2011 / 30TH ASHADHA 1933 WP(C).No. 19640 of 2011() ------------------------- PETITIONER : -------------------- JAYAPRAKASH V.S., AGED 43, S/O.VELAPPAN NAIR, MOORTHY VIHAR, MALAYINKEEZHU P.O., THIRUVANANTHAPURAM, PIN-695571. BY ADVS. SMT. P.V. KOCHUTHRESSIA SMT.M.P.MARY RESPONDENT(S): ------------------------- 1. SRI.I.GOPAL, AUTHORISED OFFICER, CHIEF MANAGER, UCO BANK, QUILON BRANCH. 2. BRANCH MANAGER, UCO BANK, THIRUVANANTHAPURAM BRANCH, UCO BANK BUILDING, OVERBRIDGE JUNCTION, TRIVANDRUM-695001. R1 & R2 BY ADV. SRI. GEORGE K. VARGHESE, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21/07/2011 , THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Mn ...2/- WP(C).No. 19640 of 2011() APPENDIX PETITIONER'S EXHIBITS: EXT.P1 : COPY OF REGD. NOTICE BY THE BANK TO THE PETITIONER DATED 4-4-2011. EXT.P2 : COPY OF SALE NOTICE DATED 30-6-2011 BY THE BANK TO THE PETITIONER. EXT.P3 : COPY OF PETITION DATED 16/7/2011 BY THE PETITIONER TO THE BANK. RESPONDENT'S EXHIBITS - NIL //TRUE COPY// P.S. TO JUDGE Mn S.SIRI JAGAN, J. ================== W.P.(C).No. 19640 of 2011 ================== Dated this the 21st day of July, 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 the loan amounts defaulted by the petitioner. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the outstanding arrears and to continue to pay the instalments as per the original loan agreement. 2. This is opposed by the learned counsel for the bank. 3. Having heard both sides, taking a lenient view, I dispose of this writ petition with the following directions: The petitioner shall pay all the amounts required for regularising the loan account by 31.8.2011. If the petitioner pays the amounts required for regularising the loan account by that day, the respondents shall regularise the loan account and permit the petitioner to continue to pay the instalments of repayment as per the original loan agreement. If the petitioner complies with the above directions without default, coercive proceedings for recovery of the amounts shall be kept in abeyance. However, if the petitioner commits default in payment of the amounts required for regularising the loan account by w.p.c.19640/11 2 the time stipulated or any of the instalments, 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/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge