IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 22ND JULY 2011 / 31ST ASHADHA 1933 WP(C).No. 19432 of 2011(D) ---------------------------------- PETITIONER(S): ------------------- PREETHY MATHEW,D/O.A.S.MATHEW,AGED 38 YEARS, APPAKOTTUMURIYIL HOUSE,THURUTHIKKADU.P.O, MALLAPPALLY,PATHANAMTHITTA. BY ADV. SRI.BIJU ABRAHAM RESPONDENT(S): --------------------- 1. UCO BANK,REPRESENTED BY ITS AUTHORIZED OFFICER,ZONAL OFFICE,ERNAKULAM-31. 2. THE BRANCH MANAGER,UCO BANK,KOTTAYAM BRANCH,CYRILLS TOWER,STATION ROAD, NEAR COLLECTORATE,KOTTAYAM-686001. BY ADV. SRI.P.V. SURENDRANATH THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: svs W.P.(C). NO. 19432/2011 APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF THE REPRESENTATION DATED 25/02/2011 P2: COPY OF THE NOTICE DATED 15/06/2011 OF THE 1ST RESPONDENT. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A. TO JUDGE. svs S.SIRI JAGAN, J. ================== W.P.(C).No. 19432 of 2011 ================== Dated this the 22nd day of July, 2011 J U D G M E N T The petitioner challenges 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 petitioner. The petitioner seeks opportunity to regularise the loan account by paying the defaulted amounts and to pay the instalments as per the original loan agreement. 2. This is opposed by the learned counsel for the bank. 3. Having heard both sides, I dispose of this writ petition with the following directions: The 2nd respondent shall issue to the petitioner a statement of accounts of the amounts due for regularisation of the loan account within two weeks. If the petitioner pays the amounts stipulated by the bank for regularising the loan account within two weeks, the respondents shall permit the petitioner to regularise the loan account and to pay off the future instalments as per the original loan agreement. If the petitioner complies with the above directions and continues to pay the 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 petitioner commits default in w.p.c.19432/11 2 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