IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 3RD AUGUST 2011 / 12TH SRAVANA 1933 WP(C).No. 16035 of 2011(D) --------------------------------------- PETITIONER: ------------------- KAVITHA, W/O.RAJU FILANDER, KAYAKUZHIKATHU VEEDU, KODUVILA P.O., EAST KALLADA, KOLLAM DISTRICT. BY ADV. SRI.C.RAJENDRAN. RESPONDENTS: ------------------------ 1. THE STATE BANK OF TRAVANCORE, KUNDARA BRANCH, KOLLAM DISTRICT-691 001, REPRESENTED BY ITS CHIEF MANAGER 2. THE AUTHORIZED OFFICER, THE STATE BANK OF TRAVANCORE, KUNDARA BRANCH, KOLLAM DIST-691 501. R1 & R2 BY SRI.R.S.KALKURA. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 03/08/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C). NO.16035/2011-D: APPENDIX PETITIONERS' EXHIBITS: EXT.P.1: THE RELEVANT PAGES OF THE SAVING BANK PASS BOOK ISSUED TO THE PETITIONER. EXT.P.2: COPY OF THE RELEVANT PAGE OF THE TERM LOAN PASS BOOK. EXT.P.3: COPY OF THE RECEIPT DTD. 12/04/2011. EXT.P.4: COPY OF THE NOTICE DTD. 31/03/2011. RESPONDENTS' EXHIBITS: NIL. //TRUE COPY// P.A. TO JUDGE. Prv. S.SIRI JAGAN, J. ================== W.P.(C).No. 16035 of 2011 ================== Dated this the 3rd day of August, 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. 2. 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 within one month from today, 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 w.p.c.16035/11 2 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