IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 21ST JULY 2011 / 30TH ASHADHA 1933 WP(C).No. 19318 of 2011(L) --------------------------------------- PETITIONER(S): ------------------------ JOSEPH CHACKO, PLACKITHOTTIYIL HOUSE PUNNATHURA WEST P.O, KOTTAYAM 686 631. BY ADV. SRI.P.B.SAHASRANAMAN SRI.T.S.HARIKUMAR SRI.K.JAGADEESH RESPONDENT(S): --------------------------- 1. THE FEDERAL BANK LTD. REPRESENTED BY ITS AUTHORISED OFFICER, REGIONAL OFFICE, POST BOX NO.260, THEKKUMKAL BUILDINGS, T.B.ROAD,KOTTAYAM-686 001. 2. THE MANAGER, FEDERAL BANK LTD, ETTUMANNOOR,KOTTAYAM- 686 631. R1 & R2 BY ADV. SRI.MOHAN JACOB GEORGE SMT.P.V.PARVATHI SMT.REENA THOMAS SRI.L.RAM MOHAN THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 21/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sts WP(C)NO.19318/2011 APPENDIX PETITIONER'S EXHIBITS: P1 COPY OF THE NOTICE ISSUED BY THE 1ST RESPONDENT, DATED 21/06/2011. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A.TO.JUDGE sts S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.19318 OF 2011 ---------------------------------------------- Dated this the 21st day of July, 2011 JUDGMENT The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 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. The petitioner only seeks facility to regularise the loan account by paying off the defaulted instalments and for permission to continue paying the instalment amounts as per the original loan agreement. 2. This is opposed by the learned counsel for the bank. 3. However, taking a lenient view, I dispose of this writ petition with the following directions: The petitioner shall pay the amounts required to regularise the loan account with interest thereon as per the original loan agreement within one month from today. Thereafter, the petitioner shall continue to pay the instalments of repayment of W.P.(C)No.19318/11 2 loan amount as per the original loan agreement without default. If the petitioner pays the instalments on due dates without default, further proceedings under the Act 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 respondents 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.19318/11 3