IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 16TH DECEMBER 2011 / 25TH AGRAHAYANA 1933 WP(C).No. 33577 of 2011(V) ----------------------------------- PETITIONER ------------------- SMT.ROSAMMA TONY,W/O.T.A.TONY, THADIKKARAN HOUSE,EDATHIRUTHY PO, THRISSUR DISTRICT 680 703. BY ADVS. SRI.T.M.SREEDHARAN, SENIOR ADVOCATE SMT.NISHA JOHN SRI.V.P.NARAYANAN SMT.BOBY M.SEKHAR RESPONDENT -------------------- 1. THE AUTHORISED OFFICER UNDER SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002, STATE BANK OF INDIA, KARALAM BRANCH,THRISSUR DISTRICT. 2. THE BRANCH MANAGER,STATE BANK OF INDIA, KARALAM BRANCH,NSS KARAYOGAM BUILDING, THRISSUR 680 711. R1 & R2 BY SRI. N, RAJAGOPALAN NAIR, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 16/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: dlk WP(C).No. 33577 of 2011(V) APPENDIX PETITIONER(S) EXHIBITS EXHIBIT P1 TRUE COPY OF THE COMMON JUDGMENT DATED 6/1/2011 IN WPC NOS.37401 AND 37413/2010 EXHIBIT P2 COPY OF THE STATEMENT OF THE BANK ACCOUNT FOR THE PERIOD FROM 5/3/2009 TO 18/11/2011 EXHIBIT P3 TRUE COPY OF BANK STATEMENT SHOWING DEBIT OF RS.1,36,100/- EXHIBIT P4 COPY OF THE LETTER DATED 30/11/2011 ADDRESSED TO THE MANAGER,STATE BANK OF INDIA, KARALAM. EXHIBIT P5 COPY OF NOTICE U/S.13(4) DATED 10/12/2011 AFFIXED ON THE PETITIONER'S MORTGAGED PROPERTY. EXHIBIT P6 COPY OF THE PUBLICATION IN 'MATHRUBHOOMI' DATED 11/12/2011. RESPONDENTS' EXHIBITS : NIL //TRUE COPY// P.A. TO JUDGE. dlk S.SIRI JAGAN, J. ================== W.P.(C).No. 33577 of 2011 ================== Dated this the 16th 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 respondents for recovery of loan amounts defaulted by the petitioner. The petitioner only seeks facility 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. Having heard both sides, 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 within one month, the respondents 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 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 respondents to continue w.p.c.33577/11 - : 2 :- 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