IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 19TH OCTOBER 2011 / 27TH ASWINA 1933 WP(C).No. 27311 of 2011(L) ------------------------ PETITIONER : --------------------- M.B. SASI, S/O. BHASKARAN, SIVASAI SADAN, T.C. 17/1855, PUNRA II, POOJAPPU P.O., THIRUVANANTHAPURAM. BY ADV. SRI.G.SUDHEER RESPONDENT : ---------------------- LIC HOUSING FINANCE LTD., THIRUVANANTHAPURAM BRANCH, REPRESENTED BY ITS AUTHORISED OFFICER, AREA OFFICE, KESAVADASAPURAM, THIRUVANANTHAPURAM - 695 001. BY ADV. SRI. R.S. KALKURA, SC THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 19/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Mn ...2/- WP(C).No. 27311 of 2011(L) APPENDIX PETITIONER'S EXHIBITS: EXT.P1 : COPY THE CMP NO. 5293 OF 2010 FILED BY THE RESPONDENT BEFORE THE CHIEF JUDICIAL MAGISTRATE COURT, THIRUVANANTHAPURAM. EXT.P2 : COPY OF THE RECEIPT ISSUED BY THE RESPONDENT TO THE PETITIONER. EXT.P3 : COPY OF THE PETITION SUBMITTED BY THE PETITIONER BEFORE THE RESPONDENT DATED 28.9.2011. EXT.P4 : COPY OF THE NOTICE ISSUED BY THE CHIEF JUDICIAL MAGISTRATE COURT, THIRUVANANTHAPURAM TO THE PETITIONER. RESPONDENT'S EXHIBITS : NIL //TRUE COPY// P.S. TO JUDGE Mn S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.27311 OF 2011 ---------------------------------------------- Dated this the 19th day of October, 2011 JUDGMENT 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 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 LIC Housing Finance Limited opposes the same. 3. Having heard both sides, I am of opinion that the respondent 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 respondent shall permit the petitioner to regularise the loan W.P.(C)No.27311/11 2 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 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. S. SIRI JAGAN, JUDGE acd W.P.(C)No.27311/11 3 W.P.(C)No.27311/11 4