IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 2ND SEPTEMBER 2011 / 11TH BHADRA 1933 WP(C).No. 23756 of 2011(T) -------------------------- PETITIONER(S): --------------- 1. S.RADHAKRISHNAN, S/O.SREEDHARAN, FLAT NO.6B, SFS, MYD, PATTOM, THIRUVANANTHAPURAM, PIN-695 004. 2. BEENA RADHAKRISHNAN, FLAT NO.6B, SFS, MYD, PATTOM, PIN-695 004. BY ADV. SRI.R.ANILKUMAR RESPONDENT(S): --------------- 1. STATE BANK OF TRAVANCORE, STRESSED ASSET RESOLUTION CENTRE, ERNAKULAM, SBT BHAVAN, PANAMPILLY NAGAR, ERNAKULAM-682 036. 2. BRANCH MANAGER, SBT, PERUMANOOR BRANCH, M.G.ROAD, KOCHI-682 015. ADV.SATHISH NANIAN, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/09/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C).No. 23756/2011 APPENDIX PETITIONER(S)' EXHIBITS P1. COPY OF THE PAYMENT SCHEDULE OF LOAN. P2. COPY OF THE NOTICE DTD.20.7.2011. sdk+ ///True copy/// P.A. to Judge S.SIRI JAGAN, J. ================== W.P.(C).No. 23756 of 2011 ================== Dated this the 2nd day of September, 2011 J U D G M E N T The petitioners challenge 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 petitioners. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek 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. 3. However, taking a lenient view, I dispose of this writ petition with the following directions: The petitioners shall pay the defaulted instalments of repayment of loan with interest and costs, if any, so as to regularise the loan account in three equal monthly instalments payable along with the regular instalments for September, October and November, 2011. If the petitioners pay the same as directed above, the respondents shall permit the petitioners to regularise the loan account and to pay off the future instalments as per the original loan agreement. If the petitioners comply with the above directions and continue to pay the 2 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 petitioners commit 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