IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 8TH JULY 2011 / 17TH ASHADHA 1933 WP(C).No. 17987 of 2011(W) ---------------------------------------- PETITIONER(S): ------------------------ M. SAIBU, D/O.UMMER HARSH, AGED 42 YEARS, NEAR ANDATHODU BRIDGE, MARAKARKANDY, KANNUR-3. BY ADV. SRI.A.MOHAMED MUSTAQUE, SRI.K.R.AVINASH (KUNNATH). RESPONDENT(S): --------------------------- 1. THE UNION BANK OF INDIA, KANNUR BRANCH, REPRESENTED BY ITS BRANCH MANAGER, FORT ROAD, KANNUR-670 001. 2. THE AUTHORIZED OFFICER, SARFAESI ACT, UNION BANK OF INDIA, FORT ROAD, KANNUR-670 001. R1 & R2 BY ADV. MR.A.S.P. KURUP, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 08/07/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: rs WP(C).No. 17987 of 2011(W) APPENDIX PETITIONER'S EXHIBITS: EXT.P1: COPY OF THE STATEMENT OF ACCOUNT ISSUED BY RESPONDENT BANK. EXT.P2: COPY OF THE STATEMENT OF ACCOUNT ISSUED BY RESPONDENT BANK. EXT.P3: COPY OF THE PETITION FILED BY RESPONDENT BANK BEFORE THE CJM COURT THALASSERY, C.M.P.761/2011. EXT.P4: COPY OF THE ORDER ISSUED BY RESPONDENT BANK DATED 15/11/2010. RESPONDENT'S EXHIBITS: NIL. //TRUE COPY// P.S. TO JUDGE rs S.SIRI JAGAN, J. ================== W.P.(C).No. 17987 of 2011 ================== Dated this the 8th day of July, 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 the loan amounts defaulted by the petitioner. The petitioner seeks permission to regularise the loan account by paying the defaulted instalments and paying the future instalments on due dates as per the original agreement. This is opposed by the counsel for the bank. 2. Having heard both sides, I dispose of this writ petition with the following directions: The petitioner shall pay the defaulted instalments with interest in two equal instalments in August and September, 2011, along with the regular instalments as per the loan agreement. Thereupon, the 1st respondent shall regularise the loan account of the petitioner and permit the petitioner to pay the future instalments on due dates in accordance with the original loan agreement. If the petitioner complies with the above directions and continues to pay the 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 w.p.c.17987/11 2 or any of the future instalments as per the 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. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge