IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 5TH JULY 2011 / 14TH ASHADHA 1933 WP(C).No. 15806 of 2011(A) ---------------------------------------- PETITIONER(S): ---------------------- MARIYA @ BINDU VIMAL,ARACKAL HOUSE, RUBY LANE,THAMMANAM,KOCHI-32,ERNAKULAM DISTRICT. BY ADVS. SRI.PRAVEEN K. JOY SRI.ADEEP ANWAR RESPONDENT(S): -------------------------- 1. UNION OF INDIA,REP.BY THE SECRETARY, FINANCE DEPARTMENT,NEW DELHI.110001. 2. THE BRANCH MANAGER,PUNJAB NATIONAL BANK HOUSING FINANCE,NEDUMCHALIL CHAMBER, MULLASSERY CANAL ROAD,KOCHI-11,ERNAKULAM. 682 011. 3. THE AUTHORISED OFFICER,PNB HOUSING FINANCE LTD.,NEDUMCHALIL CHAMBER,MULLASSERY CANAL ROAD,KOCHI-11,ERNAKULAM.682 011. R1 BY ADV. SRI.P.PARAMESWARAN NAIR,ASG OF INDIA R2 & R3 BY ADV. SRI.C.AJITH KUMAR THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 05/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss W.P.(C) NO.15806/2011 APPENDIX PETITIONER'S EXHIBITS P1:- COPY OF THE ACCOUNT STATEMENT DTD. 8.6.2011 OF THE 2ND RESPONDENT BANK. P2:- COPY OF THE REQUESTED DTD. 7.6.2011 BEFORE 2ND AND 3RD RESPONDENTS. P3:- COPY OF THE RECEIPT DTD. 20.1.2011 FOR RS. 30,000/-. P4:- COPY OF THE RECEIPT DTD. 28.1.2011. P5:- COPY OF THE RECEIPT DT. 20.1.2011 FOR AMOUNT OF RS. 25,000/-. P6:- COPY OF THE RECEIPT DTD. 10.2.2011. P7:- COPY OF THE NOTICE DTD. 6.6.2011 OF THE 3RD RESPONDENT. P8:- COPY OF THE DEMAND DRAFT FOR RS. 75,000/- DT.29/6/2011 OF CANARA BANK. RESPONDENT'S EXHIBITS NIL:- TRUE COPY P.S. TO JUDGE tss S. SIRI JAGAN, J. ........................................... W.P.(C).NO.15806 OF 2011 ............................................. Dated this the 5th day of July, 2011. JUDGMENT The petitioner is a defaulter in repayment of loan amounts taken by her from the 2nd respondent Bank. The Bank initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act for recovery of the amounts. That is under challenge in this writ petition. The petitioner seeks an opportunity to regularise the loan account by paying defaulted amounts and for permission to continue to pay the instalments on due dates as per the original loan agreement. 2. The learned counsel for the Bank fiercely opposes the same. According to him, this is the second time the loan account has been declared as a non performing asset. Originally the Bank themselves permitted the petitioner to regularise the loan account by paying the defaulted amounts. But she promptly defaulted payment of the instalments. Therefore, according to the Bank, the petitioner cannot be trusted with for the benefit again. 3. Having heard both sides, I am also of the opinion W.P.(C).NO.15806 OF 2011 : 2 : that the petitioner cannot be given the benefit of regularisation of account again. However, taking a lenient view, I dispose of this writ petition with the following directions: 4. It is admitted that pursuant to the interim order dated 13.6.2011, the petitioner has paid only Rs.75,000/= out of the total amount of Rs.1,50,000/=. The petitioner shall pay the balance amount of Rs.75,000/= within two weeks from today. The balance amounts due under the loan account shall be paid by the petitioner in ten equal monthly instalments starting from 1.9.2011. Subsequent instalments shall be paid on the first working day of every succeeding month. If the petitioner pays the initial amount and 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 either the initial amount or any of the instalments, it would be open to the first respondent to continue the proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. S. SIRI JAGAN, JUDGE. cl W.P.(C).NO.15806 OF 2011 : 3 :