IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 2ND AUGUST 2011 / 11TH SRAVANA 1933 WP(C).No. 20532 of 2011(N) ----------------------------------------- PETITIONER(S): ----------------------- UNNIKRISHNAN S., S/O. N.SUKUMARAN, NISHAD MANZIL, ALAMUKKU, POOVACHAL P.O., THIRUVANANTHAPURAM. BY ADV. SRI.C.K.MOHANAN RESPONDENT(S): --------------------------- 1. THE AUTHORIZED OFFICER, STATE BANK OF MYSORE, THIRUVANANTHAPURAM BRANCH, POWER HOUSE ROAD, THIRUVANANTHAPURAM-695 036. 2. THE STATE BANK OF MYSORE, THIRUVANANTHAPURAM BRANCH, POWER HOUSE ROAD, THIRUVANANTHAPURAM-695 036, REP. BY BRANCH MANAGER. R1 & R2 BY ADV. SRI .LAL GEORGE,SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/08/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sts WP(C)NO.20532/2011 APPENDIX PETITIONER'S EXHIBITS: P1 COPY OF THE NOTICE DATED 9/4/2011 ISSUED BY THE 1ST RESPONDENT. P2 COPY OF THE NOTICE DATED 12/7/2011 ISSUEDBY THE 1ST RESPONDENT. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.S.TO.JUDGE sts S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 20532 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 2nd day of August, 2011. J U D G M E N T The petitioner challenges proceedings under the Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 initiated by the respondents for recovery of loan amounts due from the petitioner to the respondents . The petitioner does not dispute the liability to pay or the quantum. He only seeks facility to regularise the loan account by paying the outstanding arrears of instalments and to continue to pay the future instalments as per the original loan agreement. This is opposed by the counsel for the bank. He submits that the loan was recalled on 27.10.2009 and the petitioner has paid only an amount of Rs. 1 lakh. 2. Having heard both sides, I dispose of this writ petition with the following directions: The respondents shall permit the petitioner to regularise the loan account by paying outstanding defaulted instalments with interest in 2 equal monthly instalments along with the instalments as per the loan agreement due in August and September, 2011. Thereafter, the respondents shall permit the petitioner to pay the future instalments on due dates as per the original loan agreement. If the petitioner complies with the above directions, further coercive recovery proceedings shall be kept in abeyance. However, if the petitioner commits default in payment of the outstanding balance amounts or any of the instalments as per the original loan agreement, it would be open W.P(C) No. 20532 of 2011 -: 2 :- to the respondents to continue recovery proceedings without having to issue any fresh notice or proceedings in that regard. Sd/- S. Siri Jagan, Judge. Tds/