IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 5TH SEPTEMBER 2011 / 14TH BHADRA 1933 WP(C).No. 8293 of 2011(J) ------------------------- CMP.362/2011 of C.J.M.,KOZHIKODE .................... PETITIONER(S): --------------- SHAFI.S.M., AGED 42 YEARS, S/O. MUHAMMADALI, UMMATHADATHIL HOUSE, R E C POST, EAST MALAYAMMA ROAD, CALICUT. BY ADV. SRI.T.A.UNNIKRISHNAN SRI.K.S.PRAVEEN RESPONDENT(S): --------------- 1. THE AUTHORISED OFFICER FOR AIG HOME FINANCE INDIA LTD., 1ST FLOOR, M.N.'S AVENUE, OPP. YMCA,KANNUR ROAD, CALICUT-673001. 2. THE BRANCH MANAGER, AIG HOME FINANCE INDIA LTD., 1ST FLOOR, M.N.'S AVENUE OPP. YMCA, KANNUR ROAD,CALICUT-673001. ADV. SRI.RAJESH THOMAS FOR R1 & R2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 05/09/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C).No. 8293/2011 APPENDIX PETITIONER(S)' EXHIBITS P1. COPY OF THE NOTICE DTD.27.2.2010. P2. COPY OF THE NOTICE DTD.4.3.2011 ISSUED BY THE ADVOCATE COMMISSIONER. sdk+ ///True copy/// P.A. to Judge S.SIRI JAGAN, J. ================== W.P.(C).No. 8293 of 2011 ================== Dated this the 5th day of September, 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 does not dispute the liability to pay or the quantum. The petitioner only seeks facility to regularise the loan account by paying the defaulted amounts with interest and to pay the future instalments as per the original loan agreement. 2. This is opposed by the learned counsel for the bank. 3. However, taking a lenient view, I dispose of this writ petition with the following directions: If the petitioner pays the balance amounts after adjusting the amounts paid as per the orders of this Court on 17.3.2011 in this writ petition, 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 w.p.c.8293/11 2 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