IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 1ST AUGUST 2011 / 10TH SRAVANA 1933 WP(C).No. 20454 of 2011() ------------------------- CMP.1421/2011 of C.J.M., KOZHIKODE .................... PETITIONER(S) :- ------------------------ MOHANAN. T., S/O.RAGHAVAN, AGED 49 YEARS, THARIPPAYIL HOUSE, MATTANODE POST, ATHIYODI, KOZHIKODE DISTRICT. BY ADV. SRI.K.P.SUDHEER SRI.SUMODH MADHAVAN NAIR RESPONDENT(S) :- -------------------------- INDIA PACIFIC FINANCE INDIA LTD., 1ST FLOOR, AARPEES ARCADE, YOUNG MEN'S CHRISTIAN ASSOCIATION ROAD, (Y.M.C.A.ROAD), CALICUT-673 001 REPRESENTED BY ITS AUTHORISED OFFICER. ADV. SRI.RAJESH THOMAS THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 01/08/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: jvt WP(C).No.20454 OF 2011 APPENDIX Petitioner's Exhibits :- Ext.P1(a) :- Copy of letter dated 19.1.2007 issued by the Branch Manager of Weizmann Home Limited. Ext.P1(b) :- Copy of letter dated 24.03.2007 issued by the Branch Manager of Weizmann Home Limited. Ext.P1(c) :- Copy of letter dated 07.05.2007 issued by the Branch Manager of Weizmann Home Limited. Ext.P2 :- Copy of petition excluding the documents filed by the respondent before the Chief Judicial Magistrate's Court, Kozhikode numbered as CMP 1421/2011. Ext.P3 :- Copy of diary extract in CMP No.1421 of 2011 on the file of the Chief Judicial Magistrate's Court, Kozhikode dated 14.6.2011. Ext.P4 :- Copy of letter dated 07.06.2011 issued by the respondent. Ext.P5 :- Copy of representation dated 22.07.2011 submitted by the petitioner before the respondent. Ext.P6 :- Copy of judgment dated 27.05.2011 in WP(C) No.11586/2011 passed by this Hon'ble Court. Respondent's Exhibits :- NIL. //True Copy// P.A. to Judge S.SIRI JAGAN, J. ------------------------------------- WP(C) No.20454 of 2011 -------------------------------------- Dated this the 1st day of August, 2011 JUDGMENT The petitioner challenges the proceedings under the Securitization And Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI ACT) initiated by the respondent for recovery of the loan amount due from the petitioner to the respondent. The petitioner does not dispute the liability to pay or the quantum. The petitioner seeks facility to regularise the loan account by paying the defaulted instalment amounts and to continue to pay instalments as per the original loan agreement. This is opposed by the learned counsel for the respondent. Having heard both sides, I dispose of the writ petition with the following directions: The petitioner shall pay the amount required for regularising the loan account within one month from today. On receipt of the same, the respondent shall regularise the loan account and allow the petitioner to continue the payment of the future instalments in accordance with the original loan agreement on due dates. If the petitioner pays the instalments on the due dates, without default, further coercive WP(C) No.20454 of 2011 : 2 : proceedings shall be kept in abeyance. However, if the petitioner commits default in payment of any one of the instalments, it would be open to the the respondents to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. S.SIRI JAGAN JUDGE dmb