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. 27675 of 2011(H) -------------------------- PETITIONERS: ------------ 1. T.S.VENUGOPAL, S/O. SANKUNNI, THEKKEPURAKKAL HOUSE, KOTTAKUNNU, SULTHAN BATHERY P.O., KUPPADI AMSOM DESOM, SULTHAN BATHERY. 2. GIRIJA VENUGOPAL, W/O. T.S.VENUGOPAL, THEKKEPURAKKAL HOUSE, KOTTAKUNNU, SULTHAN BATHERY P.O., KUPPADI AMSOM DESOM, SULTHAN BATHERY. BY ADVS. SRI.JIJO PAUL SMT.T.RESMI DAMODARAN RESPONDENTS: ------------ 1. THE MANAGER, UNION BANK OF INDIA, SULTHAN BATHERY BRANCH, WAYANAD DISTRICT-673 592. 2. UNION BANK OF INDIA, SULTHAN BATHERY BRANCH, PIN-673 592, REP. BY MANAGER. BY ADV.SRI. A.S.P. KURUP, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: JJJ WP(C).No. 27675 of 2011(H) APPENDIX PETITIONERS EXHIBITS: EXT.P1 : TRUE COPY OF THE STATEMENT OF ACCOUNTS IN THE ACCOUNT NO. 507706650105170 MAINTAINED BY THE PETITIONERS IN THE RESPONDENT BANK. EXT.P2 : TRUE COPY OF THE PETITION DTD.JULY, 2011 IN C.M.P. NO.3206/11 IN THE COURT OF CHIEF JUDICIAL MAGISTRATE, KALPETTA, WAYANAD. RESPONDENTS EXHIBITS: NIL //TRUE COPY// P.A. TO JUDGE JJJ S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.27675 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 19th day of October, 2011 J U D G M E N T The petitioners challenge 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 petitioners. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek 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 petitioners pay 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 November and December, 2011, the respondents shall permit the petitioners to regularise the loan account and to pay off the future instalments as per the original loan agreement. If the petitioners comply with the above directions and continues to pay the W.P.(C)No.27675 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 petitioners commit 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/