IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 30TH NOVEMBER 2011 / 9TH AGRAHAYANA 1933 WP(C).No. 21399 of 2011(Y) ----------------------------------------- PETITIONER(S): ------------------------ SHAJI THOMAS, AGED 43, S/O.P.M.THOMAS, PUTHUMANA HOUSE, AECHILAMVAYAL P.O., VELLUR, PANNAUR, KANNUR DISTRICT. BY ADVS. SRI.O.V.MANIPRASAD, SRI.SAJU J PANICKER. RESPONDENT(S): --------------------------- 1. THE CHIEF MANAGER, (THE AUTHORISED OFFICER UNDER THE SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT) FEDERAL BANK LTD., PAYYANUR, KANNUR, PIN-670 307. 2. THE FEDERAL BANK LTD., REPRESENTED BY ITS BRANCH MANAGER, PAYYANUR BRANCH, KANNUR, PIN-670 307. 3. THE BANKING OMBUDSMAN, RESERVE BANK OF INDIA, THIRUVANANTHAPURAM, PIN-695 033. R1 BY ADVS. SRI.K.ANAND (A.201), SMT.LATHA KRISHNAN. THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 30/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss WPC.NO.21399/2011 Y APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF THE LETTER DTD. 11/12/2010 SENT BY THE 2ND RESPONDENT TO THE PETITIONER. P2: COPY OF THE BANK PASS BOOK OF THE LOAN ACCOUNT OF THE PETITIONER. P3: COPY OF THE LETTER DTD. 30/12/2010 SENT TO THE RESPONDENTS 1 AND 2 BY THE PETITIONER. P4: COPY OF THE LETTER DTD. 07/01/2011 SENT BY THE 2ND RESPONDENT TO THE PETITIONER. P5: COPY OF THE DEMAND NOTICE DTD. 26/05/2011 ISSUED BY THE 1ST RESPONDENT. P6: COPY OF THE OBJECTION DTD. 25/07/2011 FILED BY THE PETITIONER BEFORE THE 1ST RESPONDENT. P7: COPY OF THE RBI GUIDELINE. P8: COPY OF THE COMPLAINT FILED BY THE PETITIONER BEFORE THE BANKING OMBUDSMAN. P9: COPY OF THE ORDER DTD. 19/07/2011 OF THE OFFICE OF THE BANKING OMBUDSMAN. P10: COPY OF THE COMPLAINT FILED BEFORE THE CONSUMER DISPUTES REDRESSAL FORUM, KANNUR BY THE PETITIONER. RESPONDENT'S EXHIBITS: N I L /TRUE COPY/ P.A.TO JUDGE Kss S.SIRI JAGAN, J. ================== W.P.(C).No. 21399 of 2011 ================== Dated this the 30th day of November, 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. 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 petitioner pays the amounts stipulated by the bank for regularising the loan account within one month, 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 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 w.p.c.21399/11 - : 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