IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 14TH DECEMBER 2011 / 23RD AGRAHAYANA 1933 WP(C).No. 33343 of 2011(P) -------------------------- CMP.3442/2011 of CHIEF JUDL.MAGISTRATE COURT, ERNAKULAM .................... PETITIONER(S): -------------------------- JAYASREE HARIDAS, W/O.HARIDAS, KALATHIPARAMBIL HOUSE, NEAR T.V.STATION, KOCHI - 30. BY ADVS. SRI.S.M.PREM, SMT.K.P.SANTHI, SRI.P.A.AJITH KUMAR, SRI.P.K.NIJOY. RESPONDENT(S): --------------------------- UNION BANK OF INDIA, REPRESENTED BY THE CHIEF MANAGER, OFFICE OF UNION BANK BHAVAN, M.G.ROAD, ERNAKULAM - 682 011. BYADV. SRI. A.S.P.KURUP, SC, UBI THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 14/12/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss WPC.NO.33343/2011 P APPENDIX PETITIONER'S EXHIBITS: EXT.P-1 TRUE COPY OF THE NOTICE CMP NO.3442/2011 OF CJM, ERNAKULAM ISSUED BY THE ADVOCATE COMMISSIONER. EXT.P-2 TRUE COPY OF THE RECEIPTS DATED 5-12-2011 FOR RS.50,000/- EXT.P-3 TRUE COPY OF THE STATEMENT OF ACCOUNTS ISSUED BY THE BANK TO THE PETITIONER. RESPONDENTS' EXHIBITS: N I L /TRUE COPY/ P.A.TO JUDGE Kss S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.33343 of 2011 ---------------------------------------------- Dated this the 14th day of December, 2011 JUDGMENT The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondent bank 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 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. 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 January and February, 2012 the respondent shall permit the petitioner to regularise the loan W.P.(C)No.33343/11 2 account and 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 original 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. S. SIRI JAGAN, JUDGE acd W.P.(C)No.33343/11 3 W.P.(C)No.33343/11 4