IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 17TH OCTOBER 2011 / 25TH ASWINA 1933 WP(C).No. 27323 of 2011(M) ---------------------------------------- PETITIONER(S): ------------------------ 1. M. SHARAFUDHEEN, "SHAS", CHETTAMKUNNU, THALASSERY-670 101. 2. K.C. SUSHAMA, W/O. SHARAFUDHEEN. M., "SHAS", CHETTAMKUNNU, THALASSERY-670 101. BY ADV. SRI.M.R.DHANIL, SRI.M.P.ASHOK KUMAR. RESPONDENT(S): -------------------------- 1. STATE BANK OF TRAVANCORE, THALASSERY BRANCH, THALASSERY, KANNUR DISTRICT, REP. BY ITS CHIEF MANAGER, PIN-679 532. 2. THE DIVISIONAL MANAGER, (HOUSING LOAN SECTION), STATE BANK OF TRAVANCORE, DIVISIONAL I OFFICE, KANNUR, PIN-670 001. BY ADV. MR.T. SETHUMADHAVAN, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17/10/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: rs WP(C).No. 27323 of 2011(M) APPENDIX PETITIONER'S EXHIBITS: EXT.P1 PHOTOCOPY OF THE NOTICE DATED 25.2.2011 ISSUED BY THE 1ST RESPONDENT. EXT.P2 PHOTOCOPY OF THE OBJECTION SUBMITTED BEFORE THE 1ST RESPONDENT DATED 9.3.2011. EXT.P3 PHOTOCOPY OF THE BANK STATEMENT SHOWING THE REMITTANCE PARTICULARS DATED 27.8.2011. EXT.P4 PHOTOCOPY OF THE NOTICE DATED 17.8.2011 ISSUED BY THE 1ST RESPONDENT. EXT.P5 PHOTOCOPY OF THE NOTICE PUBLISHED IN MATHRUBHUMI DAILY DATED 25.8.2011. RESPONDENT'S EXHIBITS:- NIL. //TRUE COPY// P.A. TO JUDGE rs S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.27323 OF 2011 ---------------------------------------------- Dated this the 17th day of October, 2011 JUDGMENT The petitioners challenge proceedings initiated by the respondents under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act for recovery of loan amounts due from the petitioners to the respondents. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek facility to regularise the loan account by paying off the defaulted instalments of repayments of loan and to continue to pay future instalments as per the 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: The petitioners shall pay the outstanding defaulted arrears of instalments of repayment of loan amounts with interest in two equal monthly instalments along with regular instalments payable W.P.(C)No.27323/11 2 for the months of November and December as per the loan agreement. If the petitioners pay arrears of instalments of repayment of loan amounts with interest as directed above, the respondents shall regularise the loan account of the petitioners and allow the petitioners to continue to pay the balance instalments in accordance with the loan agreement on due dates. If the petitioners pay the defaulted arrears as well as the future instalments on due dates as directed above, further proceedings under the Act shall be kept in abeyance. However, if the petitioners commit default in payment of any of the arrears of defaulted instalments or any of the future instalments on due dates, 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. S. SIRI JAGAN, JUDGE acd W.P.(C)No.27323/11 3 W.P.(C)No.27323/11 4