IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 29TH JULY 2011 / 7TH SRAVANA 1933 WP(C).No. 20723 of 2011(M) --------------------------------- PETITIONER(S): ------------------- K.L.GEORGEKUTTY, KOCHUVEETIL, NELLIMUKHAL P.O., ADOOR 691551. BY ADVS. SRI. K.SHAJ SRI.SAJJU.S RESPONDENT(S): --------------------- 1. THE UNION BANK OF INDIA, ADOOR BRANCH, PATHANAMTHITTA DISTRICT - 689 645, REPRESENTED BY ITS CHIEF MANAGER. 2. THE AUTHORIZED OFFICER, UNION BANK OF INDIA, REGIONAL OFFICE, UNION BANK BHAVAN, M.G.ROAD, STATUE, THIRUVANANTHAPURAM-695001. BY ADV. SRI.A.S.P. KURUP, SC., UBI. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: svs W.P.(C). NO. 20723/2011 APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF THE NOTICE DATED 06/0/2011 UNDER SECTION 13(2) OF THE SARFAESI ACT ISSUED BY THE SECOND RESPONDENT BANK TO THE PETITIONER. P2: COPY OF THE NOTICE DATED 17/05/2011 UNDER THE SARFAESI ACT ISSUED TO THE PETITIONER. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A. TO JUDGE. svs S.SIRI JAGAN, J. ================== W.P.(C).No. 20723 of 2011 ================== Dated this the 29th day of July, 2011 J U D G M E N T The petitioner is a defaulter in repayment of loan amounts due from him to the 1st respondent under two accounts, one a cash credit hypothication account and another a term loan account. The respondents have initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, for recovery of the amounts repayment of which was defaulted by the petitioner, which is under challenge in this writ petition. But the petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to pay the outstanding defaulted amount and for permission to continue payment of the future instalments in accordance with the original loan agreement. 2. This is opposed by the learned counsel for the bank. 3. However, taking a lenient view, I dispose of this writ petition with the following directions: The 1st respondent shall inform the petitioner as to the amount required for regularising the two accounts within one week. If the petitioner pays the said amount within one month from today, the respondents shall permit the petitioner to regularise the accounts and to pay off the future instalments as per the original loan agreement. If w.p.c.20723/11 2 the petitioner complies with the above directions and continues to pay the instalments as per the original agreements on 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 agreements, 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