IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 19TH OCTOBER 2011 / 27TH ASWINA 1933 WP(C).No. 4322 of 2011(M) ------------------------------------- PETITIONER: ------------------- SMT.SUJA SURESH, VENU'S PERUMPUZHA P.O, KUNDARA, KOLLAM. BY ADVS. SRI.R.SUNIL KUMAR, SMT.A.SALINI LAL. RESPONDENTS: ------------------------ 1. THE AUTHORISED OFFICER, ASSISTANT GENERAL MANAGER, R.A.C.P.C, STATE BANK OF INDIA, L.M.S COMPOUND,THIRUVANANTHAPURAM- 695 023. 2. THE BRANCH MANAGER,STATE BANK OF INDIA, VARKALA P.O, VARKALA- 695 141. R1 & R2 BY SRI. P.V. SURENDRANATH, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19/10/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C).NO.4322/2011-M: APPENDIX PETITIONER'S EXHIBITS:- EXT.P.1: COPY OF THE 13(2) NOTICE ISSUED BY RESPONDENTS. EXT.P.2: COPY OF THE LETTER DTD. 14/09/10. EXT.P.3: COPY OF THE RECEIPT DTD. 13/10/10. EXT.P.4: COPY OF THE RECEIPT DTD. 30/12/10. EXT.P.5: COPY OF THE POST CARD ISSUED BY ADVOCATE COMMISSIONER. RESPONDENT'S EXHIBITS:- NIL. //TRUE COPY// P.A. TO JUDGE Prv. S.SIRI JAGAN, J. ================== W.P.(C).No. 4322 of 2011 ================== Dated this the 19th day of October, 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 loan amounts defaulted by the petitioner. The petitioner only seeks facility to regularise the loan account by paying the defaulted amounts and to pay the future instalments as per the original loan agreement. The petitioner promises to pay the defaulted arrears within two weeks. 2. The prayer of the petitioner is opposed by the learned counsel for the bank. 3. Having heard both sides, I am of opinion that the respondents can show some more leniency to the petitioner in the matter of regularising the loan account. Accordingly, 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 within two weeks, the respondents 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 continues to pay the future instalments as per the original loan agreement on the due dates w.p.c.4322/11 - : 2 :- 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 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