IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 24TH NOVEMBER 2011 / 3RD AGRAHAYANA 1933 WP(C).No. 31410 of 2011(A) -------------------------- CMP.2377/2011 of C.J.M.,THALASSERY .................... PETITIONER(S): ------------------------ 1. M.M.THOMAS, S/O.DANIEL MATHAI, ANNIE COTTAGE, NEAR AIR TEL TOWER, CHATHURA KINAR, VARAM P.O., KANNUR DISTRICT. 2. BEENA THOMAS, W/O.THOMAS, ANNIE COTTAGE, NEAR AIR TEL TOWER, CHATHURA KINAR, VARAM P.O., KANNUR DISTRICT. BY ADVS. SRI.P.BHARATHAN, SRI.GEORGE MATHEWS. RESPONDENT(S): --------------------------- UNION BANK OF INDIA, KANNUR BRANCH, FORT ROAD, KERALA-670 001. (REPRESENTED BY ITS CHIEF MANAGER). BY ADV. SRI. A.S.P.KURUP, SC, UBI THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 24/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss WPC.NO.3410/2011 A APPENDIX PETITIONERS' EXHIBIT: EXHIBIT P1: TRUE COPY OF THE NOTICE DATED 14/1/2011 ISSUED BY THE RESPONDENT BANK. RESPONDENTS' EXHIBITS: N I L /TRUE COPY/ P.S.TO JUDGE Kss S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 31410 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 24th day of November, 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 respondent 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 on 2.1.2012 and 1.2.2012, the respondent 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 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 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 W.P(C) No. 31410 of 2011 -: 2 :- respondent to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Sd/- S. Siri Jagan, Judge. Tds/