IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 23RD DECEMBER 2011 / 2ND POUSHA 1933 WP(C).No. 35020 of 2011(B) -------------------------- PETITIONER : --------------- SYAMALA SASI, PALLITHAZHATHU HOUSE, CHEMBANKUZHI, NERIYAMANGALAM. BY ADV. SRI.S.M.PREM RESPONDENT : --------------- UNION BANK OF INDIA, REPRESENTED BY THE CHIEF MANAGER, NODAL REGIONAL OFFICE, UNION BANK BHAVAN, M.G. ROAD, COCHIN 682 035. ADV. SRI ASP.KURUP, STANDING COUNSEL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 23/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P(c) No.35020/11 APPENDIX PETITIONER'S EXHIBITS EXT.P1: TRUE COPY OF THE NOTICE DT.28.05.2010 ISSUED BY THE RESPONDENT. EXT.P2: TRUE COPY OF THE NOTICE DT.20.12.2010 ISSUED BY THE BANK. EXT.P3: TRUE COPY OF THE RECEIPT DT.29.09.2011. EXT.P4: TRUE COPY OF THE NOTICE DT.27.09.2011 ISSUED BY THE ADVOCATE COMMISSIONER IN C.M.P.NO.2904 OF 2011. /TRUE COPY/ P.A TO JUDGE S.SIRI JAGAN, J. ================== W.P.(C).No. 35020 of 2011 ================== Dated this the 23rd day of December, 2011 J U D G M E N T 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 does not dispute the liability to pay or the quantum. The petitioner only seeks 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 petitioner pays 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 January and February, 2012, the respondent 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 complies with the above directions and continues to pay the future instalments as per the original loan agreement on the due dates w.c.p.35020/11 - : 2 :- 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. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge