IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 29TH NOVEMBER 2011 / 8TH AGRAHAYANA 1933 WP(C).No. 31748 of 2011(P) ----------------------------------- MC.495/2011 of C.J.M.,TRIVANDRUM .................... PETITIONER : - ----------------------- R.G.ARUN DEV, S/O.P.R.GANGADHARAN NAIR, KIZHAKKE PILLA VEEDU, THALAYAL, BALARAMAPURAM P.O., THIRUVANANTHAPURAM DISTRICT. BY ADVS. SRI.GOPAKUMAR R.THALIYAL SRI.V.ANIRUDHAN NAIR SRI.A.CHANDRA BABU SMT.REJITHA RAJAN RESPONDENT : - ------------------------ UNION BANK OF INDIA, KARAMANA BRANCH, KARAMANA, THIRUVANANTHAPURAM, PIN-695002, REPRESENTED BY ITS CHIEF MANAGER. BY ADV. SRI. A.S.P KURUP, S.C THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 31748 of 2011(P) APPENDIX PETITIONER'S EXHIBITS: EXT P1 : PHOTOGRAPHS SHOWING THE AGRICULTURAL OPERATIONS OF THE PETITIONER. EXT P2 : COPIES OF THE NEWS ITEMS PUBLISHED IN NEWS PAPERS. EXT P3 : PHOTOGRAPH SHOWING THE RECEIPT OF THE AWARD BY THE PETITIONER. EXT P4 : COPY OF THE INTIMATION LETTER ISSUED BY THE RESPONDENT TO THE PETITIONER DATED 17.07.2010. EXT P5 : COPY OF THE STATEMENT OF ACCOUNTS DATED 29.10.2010 ISSUED TO THE PETITIONER. EXT P6 : COPY OF THE RECEIPT DATED 31.12.2010. EXT P7 : COPY OF THE NOTICE ISSUED BY THE RESPONDENT DATED 03.06.2011. EXT P8 : COPY OF THE PETITION DATED 11.08.2011. EXT P9 : COPY OF THE ORDER PASSED BY THE CHIEF JUDICIAL MAGISTRATE COURT, THIRUVANANTHAPURAM DATED 11.08.2011. EXT P10 : COPY OF THE INTIMATION LETTER 25.11.2011. EXT P11 : COPY OF THE POSTAL ENVELOPE. RESPONDENT'S EXHIBITS: NIL. TRUE COPY P.A. TO JUDGE DMR/- S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.31748 of 2011 ---------------------------------------------- Dated this the 29th day of November, 2011 JUDGMENT The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondent bank for recovery of the loan amounts due from the petitioner to the respondent bank. 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 instalment amounts and to pay the future instalments as per the original loan agreement. 2. This is opposed by the learned counsel for the bank. 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 2.1.2012 and 1.2.2012, the W.P.(C)No.31753/11 2 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 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 original 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.31753/11 3 W.P.(C)No.31753/11 4