IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 2ND JUNE 2008 / 12TH JYAISHTA 1930 WP(C).No. 15139 of 2008(B) -------------------------- PETITIONERS: ------------ 1. AJITH KUMAR.M., S/O.MADHAVAN ACHARI, AJITH MANZIL, 32/779, ELAVUNKAL ROAD, PALARIVATTOM, COCHIN - 682 025. 2. MINIJA AJITH, W/O.AJITH KUMAR.M., AJITH MANZIL, 32/779, ELAVUNKAL ROAD, PALARIVATTOM, COCHIN - 682 025. BY ADV. SMT.K.V.RESHMI RESPONDENTS: ------------- 1. THE SOUTH INDIAN BANK LTD., P.B.NO.2702, DHARMODHAYAM BUILDING, 2ND FLOOR, SHANMUGHAM ROAD, MARINE DRIVE, ERNAKULAM, REPRESENTED BY ITS GENERAL MANAGER. 2. THE SOUTH INDIAN BANK LTD., P.B.NO.28, T.B.ROAD, THRISSUR, REP. BY ITS CHAIRMAN. 3. THE SOUTH INDIAN BANK LTD., P.B.NO.2036, ELIAS CHAMBERS, BANERJI ROAD, COCHIN - 18, REP. BY ITS MANAGER. 4. THE CHAIRMAN, RESERVE BANK OF INDIA, 5TH FLOOR CENTRE, CAFFE PARADE, MUMBAI - 400005. BY ADV. SRI.GEORGE VARGHESE,SC,SOUTH INDIAN BAN FOR R1 TO 3 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/06/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W. P (C) No. 15139 of 2008 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 2nd June, 2008. J U D G M E N T Petitioners are defaulters in repayment of loan amounts due from them to the 1st respondent-Bank. The 1st respondent-Bank has initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and has taken possession of the security interest. Petitioners limited submission now is that they are prepared to pay the entire amount which was in arrears as on today with interest thereon and the petitioners undertake to pay future instalments on the due date and on that condition, the loan account may be regularised and the petitioners may be given back possession of the security interest. This is opposed by the standing counsel for the 1st respondent-Bank. He would submit that the respondents have already taken possession of the security interest since the account has already been declared as NPA, and it may not be possible to reverse the process. 2. After hearing both sides, I feel that the petitioners can be given another opportunity to regularise their loan account and to pay future instalments on the due dates. For that declaration of the account as NPA shall not stand in the way. In the above circumstances, the writ petition is disposed of as follows. 3. The petitioners shall ascertain from the Bank as to the amount the petitioners should pay to regularise the loan account which the Bank shall inform them and pay the same within ten days from the date when the Bank informs them of the same. On payment of the amount required for regularisation of the loan account, the Bank shall put the petitioners back in possession of the security interest. The petitioners shall continue to pay the future instalments in accordance with the loan agreement on the due dates without fail. If the petitioners comply with the above directions by paying the W.P.C. No. 15139/2008. -: 2 :- amounts required to regularise the loan account and by paying each of the future instalments on the due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioners fail to pay either the amount required for regularisation of the loan account or any of the future instalments as directed above, it would be open to respondents to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Learned counsel for the petitioners submits that the dresses, books and other materials of the petitioners' children may be allowed to be taken from the house, which has been taken possession of by the Bank, since the schools are re-opening today. Learned standing counsel for the Bank submits that the petitioners are free to take whatever movables from the house they want. Accordingly, if the petitioners approach the Bank for the same, the Bank shall open the house and permit the petitioners to take out the movables required for the above purpose. The Bank shall give all facilities to take the movables on the vary same day the petitioners approach the Bank. The petitioners shall give receipts for the articles taken by them from the house. Issue photo copy urgently. Sd/- S. Siri Jagan, Judge. Tds/