IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 25TH OCTOBER 2011 / 3RD KARTHIKA 1933 WP(C).No. 28304 of 2011(K) ----------------------- PETITIONER(S): ------------------------ 1. SHYAMALA T.P., W/O. VIJAYAN, KUZHICHALIL HOUSE, P.O.KURICHIYIL, THALASSERY, KANNUR DISTRICT. 2. MURALI K., S/O. VIJAYAN, KUZHICHALIL HOUSE, P.O.KURICHIYIL, THALASSERY, KANNUR DISTRICT. 3. ANAND K., S/O. VIJAYAN, KUZHICHALIL HOUSE, P.O.KURICHIYIL, THALASSERY, KANNUR DISTRICT. BY ADVS. SRI.P.BHARATHAN SRI.GEORGE MATHEWS RESPONDENT(S): ------------------------- 1. THE UNION BANK OF INDIA, KANNUR BRANCH, FORT ROAD, KERALA-670 001. (REPRESENTED BY ITS CHIEF MANAGER & AUTHORIZED OFFICER). 2. UNION BANK OF INDIA, CHOVVA BRANCH WESCO BUILDING, P.O.CHOVVA, KANNUR-6. (REPRESENTED BY ITS BRANCH MANAGER). R1 & R2 BY ADV. SRI. A.S.P. KURUP, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Mn ...2/- WP(C).No. 28304 of 2011(K) APPENDIX PETITIONER'S EXHIBITS: EXT.P1 : TRUE COPY OF THE NOTICE DATED 3.1.2011 ISSUED BY THE RESPONDENT BANK. EXT.P2 : TRUE COPY OF THE JUDGMENT DATED 30.9.2011 IN WPC NO.26122 OF 2011 OF THIS HON'BLE COURT. RESPONDENT'S EXHIBITS : NIL //TRUE COPY// P.A. TO JUDGE Mn S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.28304 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 25th day of October, 2011 J U D G M E N T The petitioners challenge 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 petitioners. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek opportunity to regularise the loan account by paying the defaulted amounts and to pay the future instalments as per the original loan agreement. 2. This is opposed by the learned counsel for the bank. 3. However, taking a lenient view, I dispose of this writ petition with the following directions: If the petitioners pay the amounts stipulated by the bank for regularising the loan account in two equal monthly instalments along with regular instalments payable in accordance with the original loan agreement for November and December, 2011, the respondents shall permit the petitioners to regularise the loan account and to pay off the future instalments as per the original loan agreement. If the petitioners comply with the above directions and continues to pay the W.P.(C)No.28304 of 2011 -2- future 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 petitioners commit default in 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/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/