IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 2ND NOVEMBER 2011 / 11TH KARTHIKA 1933 WP(C).No. 29081 of 2011(I) ----------------------------------- PETITIONER(S): ---------------------- C.R. MADHU, MADHAVAM, PUTHIYAKAVU, K.S. PURAM.P.O., KARUNAGAPPALLY, KOLLAM-690544. BY ADV. SMT.E.V.MOLY RESPONDENT(S): ------------------------- H D F C BANK LTD., H D F C HOUSE, POST BAG.NO.1667, RAVIPURAM JN. M.G.ROAD, COCHIN-682015, REPRESENTED BY ITS AUTHORIZED OFFICER. BY SR. ADV. SRI.K.K.CHANDRAN PILLAI ADV. SRI.A.S.SAJUSH PAUL,SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: AV WPC.NO.29081/2011 APPENDIX PETITIONER(S) EXHIBITS : EXT.P1: COPY OF THE NOTICE DATED 2-6-2011 ISSUED UNDER SEC C 13(2) OF THE SARFAESI ACT. EXT.P2: COPY OF THE RECEIPT DATED 29/6/11 FOR PAYMENT OF RS. 1,10,000/- EXT.P3: COPY OF THE POSSESSION NOTICE DATED 16-9-11 DEMANDING POSSESSION OF THE SECURED ASSET ISSUED BY THE BANK. RESPONDENTS' EXHIBITS : NIL /TRUE COPY/ P.A. TO JUDGE AV S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 29081 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 2nd day of November, 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 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. 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: 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 continues to pay the 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 petitioner commits default in payment of either the defaulted amounts or any of the future instalments as per W.P.(C)No. 29081 of 2011 -2- 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. Sd/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/