IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 4TH JULY 2011 / 13TH ASHADHA 1933 WP(C).No. 17513 of 2011(L) -------------------------- CMP.3459/2011 of C.J.M.,KOLLAM .................... PETITIONER: --------------- S.SREEKUMAR, S/O.SIVASANKARA PILLAI, AGED 51 YEARS, REVATHY (SARASWATHI VILASAM) SITHARA JUNCTION, KOTTIYAM P.O., KOLLAM. BY ADV. SRI.PRATHEESH.P RESPONDENTS: --------------- 1. THE AUTHORISED OFFICER, CHIEF MANAGER, UNION BANK OF INDIA, REGIONAL OFFICE, STATUE, THIRUVANANTHAPURAM. 2. THE BRANCH MANAGER, UNION BANK OF INDIA KOTTIYAM BRANCH, KOLLAM-691 571. MR.A.S.P.KURUP, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 17513 of 2011(L) APPENDIX --------------- PETITIONER'S EXHIBITS ---------------------------------- P1:- THE COPY OF THE NOTICE ISSUES BY THE 1ST RESPONDENT TO THE PETITIONER DT.10.1.11 UNDER SECTION 13(2) OF THE ACT. P2:- THE COPY OF THE NOTICE BY THE ADVOCATE COMMISSIONER TO THE PETITIONER DT.25.5.11 P3:- THE COPY OF THE REPRESENTATION FILED BY THE PETITIONER BEFORE THE 2ND RESPONDENT DT.11.6.11 RESPPONDENT'S EXHIBITS :NIL //TRUE COPY// PA TO JUDGE S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.17513 OF 2011 ---------------------------------------------- Dated this the 4th day of July, 2011 JUDGMENT The petitioner availed of a loan of Rs.12 lakhs from the 2nd respondent bank, which was due for repayment of 180 monthly instalments in 15 years. The petitioner defaulted repayment of the loan instalments. The bank initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, which is under challenge in this writ petition. The petitioner does not dispute the liability to pay or the quantum. The petitioner seeks facility to pay off the defaulted amounts to regularise the loan account. 2. This is opposed by the learned Standing Counsel for the bank. However, taking a lenient view, I dispose of this writ petition with the following directions: The petitioner shall pay the entire defaulted instalments in a lump sum within one month from today. Thereafter, the petitioner shall continue to pay the instalments on due dates without default as per the original loan agreement. If the W.P.(C)No.17513/11 2 petitioner complies with the above direction promptly on the due dates, further proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act shall be kept in abeyance. But, if the petitioner commits default in payment of defaulted instalment amounts or any of the future instalments as per the original 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. S. SIRI JAGAN, JUDGE acd W.P.(C)No.17513/11 3 W.P.(C)No.17513/11 4