IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 8TH NOVEMBER 2011 / 17TH KARTHIKA 1933 WP(C).No. 29365 of 2011(U) ------------------------ PETITIONER : --------------------- HEMA T.S., W/O.MANOJ, THONNENKAVUPARAMBIL HOUSE, KANIMANGALAM VILLAGE, (P.O.) KANIMANGALAM, THRISSUR DT. BY ADV. SRI.M.K.DILEEP KUMAR RESPONDENT(S): ------------------------- 1. THE AUTHORISED OFFICER, STATE BANK OF INDIA, IRINJALAKUDA, THRISSUR DT., PIN 680 121. 2. THE BRANCH MANAGER, STATE BANK OF INDIA, IRINJALAKUDA BRANCH, THRISSUR DT., PIN 680 121. R1 & R2 BY ADV. SRI. R.S. KALKURA, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 08/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Mn ...2/- WP(C).No. 29365 of 2011(U) APPENDIX PETITIONER'S EXHIBITS: EXHIBIT P1. TRUE COPY OF THE POSSESSION NOTICE DT. 26/8/2011 ISSUED BY THE FIRST RESPONDENT. EXHIBIT P2. TRUE COPY OF THE NOTICE DT. 24/10/2011 ISSUED BY THE ADVOCATE COMMISSIONER, CONVEYING THE FORCEFUL PHYSICAL POSSESSION OF THE PETITIONER'S PROPERTY WITHIN 10 DAYS. RESPONDENT'S EXHIBITS : NIL //TRUE COPY// P.A. TO JUDGE Mn S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.29365 of 2011 ---------------------------------------------- Dated this the 8th day of November, 2011 JUDGMENT 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 only seeks facility to regularise the loan account by paying the defaulted amounts and to pay the future instalments as per the original loan agreement. 2. The learned Standing Counsel for the bank opposes the same. 3. Having heard both sides, I am of opinion that the respondents can show some more leniency to the petitioner in the matter of regularising the loan account. Accordingly, 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 within one month, 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 W.P.(C)No.29365/11 2 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 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.29365/11 3