IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 25TH JULY 2011 / 3RD SRAVANA 1933 WP(C).No. 20251 of 2011(F) ----------------------- PETITIONER : --------------------- N.M.NISSAR, S/O. N.M.MOHAMMED SHERIF, THAIPARAMBIL, LAJANATH WARD, ALLAPPUZHA. BY ADV. SRI.K.RAMANATHAN RESPONDENT(S): ------------------------- 1. UNION BANK OF INDIA, REGIONAL OFFICE, UNION BANK BHAVAN, M.G.ROAD, STATUE, THIRUVANANTHAPURAM. REPRESENTED BY ITS AUTHORIZED OFFICER, PIN-695001. 2. THE BRANCH MANAGER, UNION BANK OF INDIA, ALAPPUZHA BRANCH, KABEER PLAZA, ALAPPUZHA DISTRICT-688010. R1 & R2 BY ADV. SRI. A.S.P. KURUP, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Mn ...2/- WP(C).No. 20251 of 2011(F) APPENDIX PETITIONER'S EXHIBITS: EXT.P1 : COPY OF THE NOTICE DATED 19.05.2011 ISSUED BY THE 1ST RESPONDENT. EXT.P2 : COPY OF THE NOTICE DATED 13.07.2011 ISSUED BY THE ADVOCATE COMMISSIONER. RESPONDENT'S EXHIBITS - NIL //TRUE COPY// P.S. TO JUDGE Mn S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 20251 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 25th day of July, 2011. J U D G M E N T The petitioner challenges proceedings initiated by the respondents under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for recovery of loan amounts due from the petitioner to the respondents. The petitioner does not dispute the liability to pay or the quantum. He only seeks facility to regularise the loan account by paying the defaulted arrears and to continue to pay the instalments as per the original loan agreement on the due dates. This is opposed by the counsel for the bank. 2. Having heard both sides, I dispose of this writ petition with the following directions: The petitioner shall pay all amounts due for regularising the loan account as directed by the bank within one month from today. If the petitioner so pays the amounts for regularising the loan account, the respondents shall regularise the loan account and allow the petitioner to continue to pay the instalment amounts on due dates as per the original loan agreement. If the petitioner complies with the above directions, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in complying with the above directions or in paying any one instalment as per the loan agreement, it would open to the respondents to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. W.P(C) No. 20251 of 2011 -: 2 :- The bank shall intimate the petitioner the amounts due for regularising the loan account within a week on the petitioner presenting himself before the bank. Sd/- S. Siri Jagan, Judge. Tds/