IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C) No. 5241 of 2006(Y)
1. SASIDHARAN, S/O.GOVINDAN NAIR,
... Petitioner
Vs
1. SALE OFFICER,
... Respondent
2. MANAGER,
For Petitioner :SRI.T.M.ABDUL LATHEEF
For Respondent :SRI.T.R.RAMACHANDRAN NAIR,SC,DC BANK,TS
The Hon'ble MR. Justice K.THANKAPPAN
Dated :04/10/2006
O R D E R
K.THANKAPPAN, J.
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W.P.(C)NO. 5241 OF 2006
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Dated this the 4th day of October, 2006
JUDGMENT
The petitioner availed of a loan of Rs.2,50,000/- from the second
respondent- Bank agreeing to repay the same in instalments on the agreed
rate of interest and the time stipulated. The loan was on the basis of over
draft facility. As the loan amount was not repaid as agreed for want of
sufficient funds in the account of the petitioner, Ext.P1 notice was issued
to him stating that his property which was mortgaged for availing of the
loan will be sold for realization of Rs.5,67,940/-. Aggrieved by the above,
the petitioner has approached this Court.
2. When this Writ Petition came up for admission, this Court stayed
further proceedings pursuant to Ext.P1 on condition that the petitioner
pays an amount of Rs.1,25,000/- within one month from the date of the
order. It is now reported that the petitioner has already paid Rs.1,00,000/-.
3. Heard learned counsel appearing for the petitioner as well as the
W.P.(C)NO.5241/2006 2
learned counsel appearing for the second respondent. Counsel for the
second respondent submits that since the Bank had allowed over draft
facility, it was the duty of the petitioner to keep his account intact. The
second respondent also filed an Arbitration Case and an award has been
passed in favour of the Bank. However, the second respondent has agreed
to consider the feasibility of granting the benefits of One Time Settlement
Scheme to the petitioner.
4. In the above circumstances, the petitioner is directed to file an
application for the benefits of one time settlement within 15 days from
today and remit a sum of Rs.50,000/- within one month form today in
which case the second respondent shall consider the application and take a
decision in the matter within 45 days from the date of receipt of a copy of
this judgment. The amount of Rs.1,00,000/- already paid by the petitioner
and Rs.50,000/- ordered to be paid shall be taken into account by the
second respondent while considering the application for the benefits of one
time settlement. Till a decision is taken in the matter, further proceedings
pursuant to Ext.P1 notice shall be kept in abeyance. If the petitioner fails
to pay the amount as directed, the Bank can proceed against the petitioner.
W.P.(C)NO.5241/2006 3
The Writ Petition is disposed of as above.
(K.THANKAPPAN, JUDGE)
sp/