IN THE HIGH COURT OF KERALA AT ERNAKULAM 

The Hon'ble MR. Justice S.SIRI JAGAN 

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W.P(C) No. 23787 of 2011 (W)

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Dated this, the 1st day of September, 2011

1. ASHRAF MOHAMMED

... Petitioner

Vs

1. STATE BANK OF TRAVANCORE & ANOTHER ... Respondent

For Petitioner :SRI.M.RAMESH CHANDER For Respondent : No Appearance

J U D G M E N T

The petitioner challenges proceedings under the Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 initiated by the 1st respondent for recovery of loan amounts due from the petitioner to the 1st respondent. The petitioner only seeks facility to regularize the loan account by paying the defaulted amounts and to continue to pay the future instalments on due dates as per the loan agreement. This is opposed by the counsel for the bank.

2. Having heard both sides, I dispose of this writ petition with the following directions:

The petitioner shall pay the amount required to regularize the loan account by paying the defaulted outstanding instalment amounts with interest and costs, if any, in two instalments along with the regular instalments as per the loan agreement, payable in September and October, 2011. On such payment, the 1st respondent shall regularize the loan account of the petitioner and permit him to continue to pay the future instalment on due dates without default. If the petitioner pays the outstanding defaulted instalments of repayment of loan with interest and costs, if any, and continues to pay the future instalments on due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of the outstanding amounts as above or any of the .future instalments, 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.

Tds/