IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 2ND AUGUST 2011 / 11TH SRAVANA 1933 WP(C).No. 20383 of 2011(W) -------------------------- PETITIONER(S): ----------------------- E.A.VARGHESE, ADVOCATE, ELANJIMOOTTIL HOUSE, KODIYADU P.O., NEDUMBRAM VILLAGE, THIRUVALLA TALUK, PATHANAMTHITTA DISTRICT. BY ADV. SRI.K.N.RADHAKRISHNAN(THIRUVALLA) RESPONDENT(S): ------------------------ AUTHORISED OFFICER, PATHANAMTHITTA DISTRICT CO-OPERATIVE BANK, PERINGARA BRANCH, PERINGARA.P.O., THIRUVALLA. BY ADV. SRI.P.C.SASIDHARAN, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/08/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 20383 of 2011(W) ------------------------------------- APPENDIX -------------- PETITIONER'S EXHIBITS ------------------------------------ EXT.P1. COPY OF PAPER PUBLICATION APPEARD IN MALAYALA MANORAMA DAILY. EXT.P2. COPY OF ADVOCATE NOTICE ISSUED to the PETITIONER DT. 13.7.2011 RESPONDENT'S EXHIBITS : NIL ------------------------------------- / TRUE COPY / P.A. TO JUDGE VK S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 20383 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 2nd day of August, 2011. J U D G M E N T The petitioner challenges proceedings under the Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 initiated by the respondent against the petitioner for recovery of loan amounts due from the petitioner to the respondent. The petitioner does not dispute the liability to pay or the quantum. He only seeks facility to regularise the loan account and to continue to pay the regular instalments as per the original loan agreement on due dates. This is opposed by the learned counsel for the respondent. 2. After hearing both sides, I dispose of this writ petition with the following directions: The petitioner shall pay an amount of Rs. 50,000/- within one month from today. On receipt of that amount, the respondent shall regularise the loan account of the petitioner and allow the petitioner to pay off the balance instalments as per the original loan agreement on due dates. If the petitioner pays the initial amount of Rs. 50,000/- and the future instalments on due dates without default, further proceedings under the Act shall be kept in abeyance. However, If the petitioner commits default in payment of Rs. 50,000/- or any of the future W.P(C) No. 20383 of 2011 -: 2 :- instalments on due dates, it would be open to respondent to continue proceedings as now initiated without having to issue any fresh order or proceedings in that regard. Sd/- S. Siri Jagan, Judge. Tds/