IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 1ST AUGUST 2011 / 10TH SRAVANA 1933 WP(C).No. 19760 of 2011(T) -------------------------- PETITIONER(S) :- ------------------------- BHUVANENDRAN NAIR.K, KRISHANA NETTARA VEEDU, VAYALIKADA, KODUNGANOOR P.O., THIRUVANANTHAPURAM. BY ADV. SRI.S.SURESH BABU SRI.R.V.SREEJITH RESPONDENT(S) :- -------------------------- AUTHORISED OFFICER-THE CHIEF MANAGER, UNITED BANK OF INDIA, THIRUVANANTHAPURAM (CBS) BRANCH, KESAVA TOWERS, IST FLOOR, GANDHARI AMMAN KOIL ROAD, THIRUVANANTHAPURAM- 695 001. ADV. SRI.M.MUHAMMED NAVAZ THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 01/08/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: jvt WP(C).No.19760 OF 2011 APPENDIX Petitioner's Exhibits :- Ext.P1 :- Copy of the demand notice under section 13(2) of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 to the petitioner dated Nil, in the month of December. Ext.P2 :- Copy of the relevant pages of the pass book of the loan account evidencing the payment endorsed by the Bank Official. Ext.P3 :- Copy of the receipts evidencing the payment made on 4.6.2011 and 9.7.2011. Ext.P4 :- Copy of the possession notice dated Nil., served to the petitioner in the month of March. Ext.P5 :- Copy of the sale notice issued by the respondent dated 21.6.2011. Ext.P6 :- Copy of the statement of accounts of the loan account of the petitioner. Respondent's Exhibits :- NIL. //True Copy// P.A. to Judge S.SIRI JAGAN, J. ------------------------------------- WP(C) No.19760 of 2011 -------------------------------------- Dated this the 1st day of August, 2011 JUDGMENT The petitioner is challenging the proceedings under the Securitization And Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI ACT) initiated by the respondent for recovery of defaulted loan amounts due from the petitioner to the respondent. The petitioner seeks facility to pay off the defaulted instalments so as to regularise the loan account and to continue to pay balance instalments as per the original loan agreement. This is opposed by the learned counsel for the respondent. Having heard both sides, I dispose of the writ petition with the following directions:- The respondent shall permit the petitioner to regularise the loan account by paying the defaulted amounts due within one month from today. On the petitioner paying the defaulted instalment amounts as directed above, the respondent shall regularise the loan account of the petitioner and permit the petitioner to continue to pay the balance instalments as per the original loan agreement. If the petitioner pays the WP(C) No.19760 of 2011 : 2 : amounts as directed above, further coercive recovery proceedings shall be kept in abeyance. However, if the petitioner commits default in payment of any one of the instalments, it would be open to the the respondent to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. S.SIRI JAGAN JUDGE dmb