IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 28TH OCTOBER 2011 / 6TH KARTHIKA 1933 WP(C).No. 28797 of 2011(Y) -------------------------- PETITIONER(S): --------------- HARIKRISHNA PRASAD S., S/O. SUDHAKARAN NAIR, RESIDING AT VISHNU KRIPA, 11-583-A(3/222), NEYYAR DAM P.O., THIRUVANANTHAPURAM DISTRICT. BY ADV. SRI.C.A.MAJEED SRI.K.H.ASIF RESPONDENT(S): --------------- 1. UNION BANK OF INDIA, MAIN BRANCH, THIRUVANANTHAPURAM, REPRESENTED BY ITS MANAGER, PIN-695 001. 2. CHIEF MANAGER, RETAIL ASSET BRANCH, UNION BANK OF INDIA, STATUE, THIRUVANANTHAPURAM-695001. ADV. SRI. A.S.P. KURUP. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 28/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 28797 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 28th 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 does not dispute the liability to pay or the quantum. The petitioner only seeks opportunity 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. However, taking a lenient view, 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 in two equal monthly instalments along with regular instalments payable in accordance with the original loan agreement for November and December, 2011, 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 proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Sd/- S. Siri Jagan, Judge. Tds/