IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 12TH DECEMBER 2011 / 21ST AGRAHAYANA 1933 WP(C).No. 32978 of 2011(V) ---------------------------------- PETITIONER(S): ------------------- 1. P.M.SHAREEF, AGED 45, S/O.MUHAMMED, PAARAYIL HOUSE, PALAPPILLY DESOM, VARANDARAPPILLY VILLAGE, MUKUNDAPURAM TALUK, THRISSUR DISTRICT, PIN - 680304. 2. SUBAIDA, AGED 36, W/O.SHAREEF, PAARAYIL HOUSE, PALAPPILLY DESOM, VARANDARAPPILLY VILLAGE, MUKUNDAPURAM TALUK, THRISSUR DISTRICT, PIN - 680304. BY ADVS. SMT.M.R.REENA SRI.P.S.SUJETH RESPONDENT(S): -------------------- 1. THE BRANCH MANAGER, THRISSUR DISTRICT CO-OPERATIVE BANK, VARANDARAPPILLY BRANCH, VARANDARAPPILLY P.O., VARANDARAPPILLY VILLAGE, MUKUNDAPURAM TALUK, THRISSUR DISTRICT, PIN - 680304. 2. C.O.SEBASTIAN, AUTHORIZED OFFICER, THRISSUR DISTRICT CO-OPERATIVE BANK LTD, SAHAKARANA SATAPDI MANDIRAM, KOVILAKATHUM PADAM, THIRUVAMBADI P.O., THRISSUR DISTRICT. BY BY ADV. SRI.P.C.SASIDHARAN, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 12/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: svs W.P.(C). NO. 32978/2011 APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF THE LOAN SANCTION LETTER DATED 21-03-2009 ISSUED BY THE BANK. P2: COPY OF THE DEMAND NOTICE U/S.13(2) DATED 13-06-2011 ISSUED BY THE AUTHORIZED OFFICER. P3: COPY OF THE REPAYMENT RECEIPTS DATED 21/06/08, 11/10/08 & 26/03/10 ETC. P4: COPY OF REPRESENTATION GIVEN TO THE BRANCH MANAGER DATED 20-07-2011. P5: COPY OF THE POSSESSION NOTICE U/S.13(4) DATED 23-10-2011 PUBLISHED IN THE MATHRUBHUMI LOCAL DAILY. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A. TO JUDGE. svs S.SIRI JAGAN, J. ================== W.P.(C).No. 32978 of 2011 ================== Dated this the 12th day of December, 2011 J U D G M E N T The petitioners challenge 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 petitioners. The petitioners only seek facility to regularise the loan account by paying the defaulted amounts and to pay the future instalments as per the original 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: If the petitioners pay the amounts stipulated by the bank for regularising the loan account within one month, the respondents shall permit the petitioners to regularise the loan account and to pay off the future instalments as per the original loan agreement. If the petitioners comply with the above directions and continue to pay the future 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 petitioners commit 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 w.p.c.32978/11 - : 2 :- 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