IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 18TH NOVEMBER 2011 / 27TH KARTHIKA 1933 WP(C).No. 30588 of 2011(W) --------------------------------------- PETITIONER: ------------------- HARIDAS, AGED 48, S/O. P.K.GOVINDAN NAIR, R/AT ASWATHY, PAZHAVEEDU.P.O., ALLEPPEY, KERALA-688 009. BY ADV. SMT.T.S.MAYA (THIYADIL). RESPONDENT: ---------------------- THE AUTHORISED OFFICER, SUNDARAM BNP PARIBAS HOME LIMITED, 2ND FLOOR, ELIZEBETH ALEXANDAR MEMORIAL BUILDING, MARINE DRIVE, ERNAKULAM, KOCHI-682 031. BY ADV. SRI.VARGHESE C.KURIAKOSE, S.C. THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 18/11/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C).NO.30588/2011-W: APPENDIX PETITIONER'S EXHIBITS:- EXT.P1: COPY OF THE NOTICE ISSUED BY THE RESPONDENT U/S 13(2) OF SARFAESI ACT. EXT.P2: COPY OF THE PETITION FILED BY THE PETITIONER BEFORE THE RESPONDENT DATED 18-10-2011. RESPONDENT'S EXHIBITS:- NIL. //TRUE COPY// P.A. TO JUDGE Prv. S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.30588 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 18th 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 respondent for recovery of loan amounts due from the petitioner to the respondent. The petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks facility to regularise the loan account by paying off the defaulted installments of repayment of loan and to pay the future instalments as per the original loan agreement. 2. This is opposed by the counsel for the respondent. 3. Having heard both sides, I dispose of this writ petition with the following directions: The petitioner shall pay the amounts stipulated by the respondent for regularising the loan account within one W.P.(C)No.30588 of 2011 -2- month from today. On payment of the same, the respondent shall regularise the loan account and permit the petitioner to pay off the future instalments as per the original loan agreement. If the petitioner complies 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 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 respondent to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Sd/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/