IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 11TH JULY 2011 / 20TH ASHADHA 1933 WP(C).No. 18660 of 2011(F) --------------------------------------- PETITIONER(S): ------------------------ 1. SHAHUL HAMEED M.P., S/O.NOORUDHIN, AGED 35, M.P.MANZIL, MARAKKATHU PARAMBATH HOUSE, P.O., VAIDYARANGADI, RAMANATTUKARA, KOZHIKODE. 2. SAJITHA, W/O.SHAHUL HAMEED M.P., AGED 29, M.P.MANZIL, MARAKKATHU PARAMBATH HOUSE, P.O., VAIDYARANGADI, RAMANATTUKARA, KOZHIKODE. BY ADV. DR.V.N.SANKARJEE SRI.VICTOR ANTONY NOONE RESPONDENT(S): -------------------------- 1. THE AUTHORISED OFFICER/CHIEF MANAGER, INDIAN BANK, PORT ROAD, KANNUR-670 001. 2. THE BRANCH MANAGER, INDIAN BANK, MANKAVU BRANCH, TRADE LINKS COMPLEX, MAIN BYPASS JUNCTION, MANKAVU, KOZHIKODE-673007. R1 & R2 BY ADV.SRI.S.SREEKUMAR,SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 11/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sts WP(C)NO.18660/2011 APPENDIX PETITIONER'S EXHIBITS: P1 COPY OF THE WOUND CERTIFICATE DATED 21/12/2009. P2 COPY OF THE PETITIONER'S APPLICATION DATED 15/2/2009 SUBMITTEDTO THE RESPONDENTS. P3 COPY OF THE NOTICE DATED 7/1/2011 ISSUED BY THE 1ST RESPONDENT. P4 COPY OF THE JUDGEMENT DATED 8/3/2011 IN WPC NO.67932011 OF THIS HON'BLE COURT. P5 COPY OF THE APPLICATION DATED 26/5/2011 OF THE PETITIONER'S TO THE 2ND RESPONDENT. P6 COPY OF THE PAYMENT RECEIPT DATED 2/5/2011 P7 COPY OF THE LETTER DATED 31/5/2011 ISSUED BY THE 1ST RESPONDENT TO THE PETITIONERS. P8 COPY OF THE LETTER DATED 8/6/2011 ISSUED BY THE 1ST RESPONDENT TO THE PETITIONERS. P9 COPY OF THE NOTICE DATED 28/6/2011 ISSUED BY THE 1ST RESPONDENT. P10 COPY OF THE NOTICE DATED 18/6/2011 ISSUED BY THE PETITIONERS TO THE 2ND RESPONDENT. P11 COPY OF THE LETTER DATED 25/6/2011 ISSUED THROUGH LAWYER IN REPLY TO EXT.P10 LETTER. P12 COPY OF THE STATEMENT OF LOAN ACCOUNT NO.820555948 OF THE 1ST PETITIONER. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A.TO.JUDGE sts S. SIRI JAGAN, J. ------------------------------------------------- W.P.(C)No. 18660 OF 2011 ------------------------------------------------- DATED THIS THE 11th DAY OF JULY, 2011 J U D G M E N T The petitioners are challenging proceedings initiated by Respondents under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act for recovery of loan amounts due from the petitioners to the 1st respondent bank. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seeks time to pay defaulted instalment amounts and to permit them to pay the balance instalments in accordance with original loan agreement on due dates. This is opposed by the counsel for the Bank. Taking a lenient view I dispose of the writ petition with a direction to the respondents to permit the petitioner to regularise the loan account by paying overdue installments with interest within one month. Thereafter the petitioners shall continue to pay the instalments of balance amount in accordance with original loan agreement without default on due dates. If the petitioners pays the overdue instalments and the instalments on due dates without default, as directed above, W.P.(C) No.18660/2011 -2- further proceedings under the Act shall be kept in abeyance. However, if the petitioners commit default in payment of the defaulted amounts or any one of the future 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. Sd/- S. SIRI JAGAN, JUDGE. AMG True copy P.A to Judge