IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 14TH DECEMBER 2011 / 23RD AGRAHAYANA 1933 WP(C).No. 33326 of 2011() -------------------------------------- PETITIONER(S): ------------------------ SABEENA BEEVI, W/O. M.A.NASEER, RESIDING AT A.R.HOUSE, PERUMKULAM P.O., THIRUVANANTHAPURAM DISTRICT. BY ADV. SRI.A.B.MOHANAKUMAR RESPONDENT(S): ---------------------------- SYNDICATE BANK, REGIONAL OFFICE, THIRUVANANTHAPURAM, PIN-695 010, REP. BY THE AUTHORISED OFFICER. BY ADV. SRI. M.P.ASHOK KUMAR THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 14/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss WPC.NO.33326/2011 M APPENDIX PETITIONER'S EXHIBITS: EXT.P1 : TRUE COPY OF THE NOTICE DTD.14.10.2011 ISSUED TO THE PETITIONER BY THE RESPONDENT UNDER SEC.13(2) OF THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002. RESPONDENTS' EXHIBITS: N I L /TRUE COPY/ P.A.TO JUDGE Kss S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.33326 of 2011 ---------------------------------------------- Dated this the 14th day of December, 2011 JUDGMENT The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, initiated by the respondent for recovery of loan amounts defaulted by the petitioner. The petitioner only seeks facility to regularise the loan account by paying the defaulted amounts and to pay the future instalments as per the original loan agreement. 2. The learned Standing Counsel for the bank opposes the same. 3. Having heard both sides, I am of opinion that the respondent can show some more leniency to the petitioner in the matter of regularising the loan account. Accordingly, I dispose of this writ petition with the following directions: If the petitioner pays the amounts stipulated by the bank for regularising the loan account within one month, the respondent 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 continue to pay the future W.P.(C)No.33326/11 2 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 payment of either the defaulted amounts or any of the future instalments as per the loan agreement, 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. S. SIRI JAGAN, JUDGE acd W.P.(C)No.33326/11 3