IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 14TH OCTOBER 2009 / 22ND ASWINA 1931 WP(C).No. 28933 of 2009(J) -------------------------- PETITIONER(S): --------------- 1. SULAIMAN KUNJU.A., S/O.ALIYARKUTTY, AGED 57 YEARS, RESIDING AT THATTAREKIZHAKKETHIL, MADAPPALLY, MUKUNDAPURAM P.O., CHAVARA. 2. SUJI.S., W/O.SHANI MOHAMMED, AGED 25 YEARS, RESIDING AT THATTAREKIZHAKKETHIL, MADAPPALLY, MUKUNDAPURAM P.O., CHAVARA. BY ADV. SRI.A.SHAFEEK (KAYAMKULAM) RESPONDENT(S): --------------- 1. THE STATE BANK OF TRAVANCORE, KOLLAM MAIN BRANCH, BISHOP JEROME NAGAR, KOLLAM REPRESENTED BY ITS MANAGER. 2. THE AUTHORIZED OFFICER (CHIEF MANAGER C & I), STATE BANK OF TRAVANCORE, KOLLAM MAIN BRANCH, BISHOP JEROME NAGAR, KOLLAM. BY ADV. SRI. SATHISH NAINAN, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 14/10/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W. P (C) No. 28933 of 2009 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 14th October, 2009. J U D G M E N T The petitioners availed of a housing loan from the 1st respondent-bank. The petitioners committed default in repayment of the instalments of repayment of the loan. The respondents have initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek the facility to regularise the loan account by paying the defaulted amounts and to permit them to pay the future instalments as per the loan agreement on due dates. 2. The learned standing counsel for the respondents opposes the prayers of the petitioners. He would submit that as on 13-10- 2009, the defaulted arrears would come to Rs. 7,12,595/-. 3. After hearing both sides, I am of opinion that the respondents would show some leniency by allowing the petitioners to regularise the loan accounts by paying off the defaulted arrears and to continue to pay the regular instalments in accordance with the loan agreement on the due dates. Counsel for the petitioners seeks facility to pay the defaulted arrears in three monthly instalments. Taking into account the facts and circumstances of the case, I dispose of this writ petition with the following directions: The respondents shall permit the petitioners to regularise the loan account by paying off the defaulted arrears of repayment of instalments and to continue to pay the future instalments on the due dates as per the loan agreement without default. The petitioners shall pay the amount of Rs. 7,12,595/- with interest accrued therefrom from from 13-10-2009 in three equal monthly instalments on 2-11- 2009, 1-12-2009 and 2-1-2010, along with the regular instalments of repayment of loan payable each month. The petitioners shall W.P.C. No. 28933/2009 -: 2 :- continue to pay the EMIs as per the loan agreement without any further default. If the petitioners comply with the above directions without default, further proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 shall be kept in abeyance. However, if the petitioners commit default in complying with any of the above said directions, 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. Tds/ [True copy] P.S to Judge