IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 11TH NOVEMBER 2011 / 20TH KARTHIKA 1933 WP(C).No. 30109 of 2011(K) -------------------------- MC.149/2011 of C.J.M.,TRIVANDRUM .......................... PETITIONER(S): --------------- SURESH BABU K.K, AGED 51, S/O.KRISHNA PILLAI, VANDANAM,PALAIKONAM,ARYANAD P.O, TRIVANDRUM. BY ADV. SRI.A.AHZAR RESPONDENT(S): --------------- LIC HOUSING FINANCE LTD,(LIC HFL) TRIVANDRUM BRANCH, REPRESENTED BY ITS AUTHORISED OFFICER. BY ADV.SRI.R.S.KALKURA, SC, LIC HFL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 11/11/2011 THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: SU W.P.(C).NO.30109/2011 APPENDIX PETITIONER'S EXHIBITS: EXHIBIT P1. COPY OF THE RECEIPTS. EXHIBIT P2. COPY OF THE APPLICATION FILED BY THE RESPONDENT FOR TAKING POSSESSION OF THE PROPERTY. RESPONDENTS' EXHIBITS: NIL. /TRUE COPY/ P.A. TO JUDGE SU S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.30109 of 2011 ---------------------------------------------- Dated this the 11th 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 for recovery of the loan amounts due from the petitioner to the respondent. 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. 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 December 2011 and W.P.(C)No.30109/11 2 January 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 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.30109/11 3 W.P.(C)No.30109/11 4