IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 11TH OCTOBER 2011 / 19TH ASWINA 1933 WP(C).No. 26643 of 2011(E) ------------------------------------- MC.387/2011 of C.J.M.,TRIVANDRUM .................... PETITIONER): --------------- 1. MR. SREEJITH SASIDHARAN, S/O. LATE SASIDHARAN, AGED 33, AMBIKA BHAVAN, NJARAKKAMUKAL, MANCHAVILAKOM, MANCHAVILAKON (PO) NEYYATTINKARA, THIRUVANANTHAPURAM-695 503. 2. MRS. AMBIKA W/O LATE SASIDHARAN, AGED 55, AMBIKA BAHVAN, NJARAKKAMUJKUL, MANCHAVILAKOM, MANCHAVILAKOM (PO) NEYYATTINKARA, THIRUVANANTHAPURAM-695 503. BY ADV. SRI.N.HARI KUMAR SRI.K.RAJESH KANNAN RESPONDENT: --------------- H.D.F.C. LTD, REPRESENTED BY ITS AUTHORIZED OFFICER, (SREEKUMARAN NAIR M.S) H.D.F.C. HOUSE, VAZHUTHACAUD, THRIVANANTHAPURAM-10 BY STANDING COUNSEL, SAJEESH PAUL. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 11/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 26643 of 2011(E) APPENDIX PETITIONER'S EXHIBITS: EXT.P1 : TRUE COPY OF THE MEDICAL RECORDS SHOWING THE TREATMENT OF FIRST PETITIONER. EXT.P2 : TRUE COPY OF THE MEDICAL RECORDS SHOWING THE TREATMENT OF SECOND PETITIONER. EXT.P3 : TRUE COPY OF M.C.387/2011 BEFORE THE HON'BLE JUDICIAL MAGISTRATE COURT, THIRUVANANTHAPURAM. EXT.P4 : TRUE COPY OF PETITION UNDER SECTION 14(1) OF THE SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT FOR TAKING POSSESSION OF THE PROPERTY. EXT.P5 : TRUE COPY OF ORDER DATED 6/JULY/2011 PASSED BY HON'BLE JUDICIAL MAGISTRATE COURT, THIRUVANANTHAPURAM IN M.C.NO.387/2011. RESPONDENTS EXHIBITS:NIL /TRUE COPY/ P.A. TO JUDGE S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 26643 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 11th day of October, 2011. J U D G M E N T The petitioners are defaulters in repayment of loan amounts due from them to the respondent, who initiated proceedings under the Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for recovery of the same. The petitioners do not dispute the liability to pay or the quantum. The petitioners seek only facility to regularise the loan account and continue to pay the future instalments of repayment of loan as per the loan agreement. This is stoutly opposed by the counsel for the H.D.F.C, who submits that there is no bona fides in the submissions of the petitioners insofar as the loan was taken in 2005 and the account was declared NPA in 2009. Therefore, this Court may not direct regularisation of the loan account at this point of time, is the submission made. 2. Having heard both sides, I am of opinion that the respondent can show some more leniency to the petitioners in the matter of regularising the loan account. Accordingly, the writ petition is disposed of with the following directions: The petitioners shall pay the amount required to regularise the loan account in two equal instalments payable in October and November, 2011 along with the regular instalments payable on those months as per the loan agreement. The petitioners shall continue to pay the future regular instalments as per the loan agreement on due dates without default. If the petitioners W.P(C) No. 26643 of 2011 -: 2 :- comply with the above directions, further proceedings under the Act shall be kept in abeyance. However, if the petitioners commit default in payment of any one instalment either of the defaulted amounts of repayment of loan or any of the future instalments on due dates, 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. Sd/- S. Siri Jagan, Judge. Tds/