IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 29TH JULY 2011 / 7TH SRAVANA 1933 WP(C).No. 20002 of 2011(A) --------------------------------------- PETITIONER(S): ----------------------- 1. SANKARAN.K.T., S/O. KUNHIKANARAN, AGED 62 YEARS, KARAYIL HOUSE, MELUR.P.O., QUILANDY, KOZHIKODE DISTRICT, PIN-673319. 2. RADHA, W/O. SANKARAN, KARAYIL HOUSE, MELUR.P.O., QUILANDY, KOZHIKODE DISTRICT-673319. BY ADV. SRI.R.PARTHASARATHY SMT.SEEMA RESPONDENT(S): -------------------------- AIG HOME FINANCE INDIA LTD., 1ST FLOOR AARPEES ARCADE,YOUNG MEN'S CHRISTIAN ASSOCIATION ROAD (YMCA ROAD), CALICUT-683001, REPRESENTED BY ITS AUTHORISED OFFICER. BY ADV. SRI.RAJESH THOMAS THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 29/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss W.P.(C) NO.20002/2011 APPENDIX PETITIONER'S EXHIBITS P1:- COPY OF THE ANNUAL LOAN STATEMENT SUMMARY AS ON 31.3.2011. P2:- COPY OF THE RECEIPT FOR PAYMENT OF RS. 30000. P3:- COPY OF THE REUEST SUBMITTED BEFORE THE BANK ON 14.7.2011. P4:- COPY OF THE PETITION FILED BY THE RESPONDENT BEFORE THE CHIEF JUDICIAL MAGISTRATE, KOZHIKODE. RESPONDENT'S EXHIBITS NIL:- TRUE COPY P.A. TO JUDGE tss S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.20002 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 29th day of July, 2011 J U D G M E N T The petitioners are defaulters in repayment of loan amounts due from them to the respondent. The respondent initiated proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) which is under challenge in this writ petition. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek facility to regularise the loan account by paying the defaulted instalments. The learned counsel for the respondent stoutly opposes the same. According to him, the loan was taken in 2006 and it is too late for the petitioners now to seek regularisation of the loan account especially since possession has already been taken by the bank pursuant to the proceedings under the Act. After hearing both sides, I am of opinion that the W.P.(C)No.20002 of 2011 -2- respondent can show some more leniency to the petitioners in the matter especially since the secured asset is the residential building of the petitioners. In the above circumstances, this writ petition is disposed of with the following directions: The petitioners shall pay an amount of Rs.1,50,000/- (Rupees One lakh fifty thousand only) within one week from today. On the petitioners paying Rs.1,50,000/-, the possession of the property taken possession of by the respondent, shall be returned to the petitioners. The petitioners shall thereafter pay the balance amounts due in 8 (eight) equal monthly instalments starting from 01.10.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. The petitioners shall also file an undertaking before the respondent undertaking to give back possession, if the petitioners fail to comply with the above directions. If the petitioner complies with the above terms, further proceedings under the Act shall be kept in abeyance. W.P.(C)No.20002 of 2011 -3- However, if the petitioners commit default in payment of Rs.1,50,000/- or any one of the future instalments as directed above, it would be open to the respondent to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Sd/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/