IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C) No. 11840 of 2007(H)
1. ABOOBACKER A.P,S/O.AHMMED HAJI,
... Petitioner
2. A.V.SIDIQUE,VRINDAVAN,C/O.ADAT,THRISSUR
3. SHYLAJA SIDIQUE,W/O SIDIQUE,
4. VAHIDA MUHAMMED RASIK,VRINDAVAN,
5. M.K.SIDIQUE,VRINDAVAN,C/O.ADAT,
6. JAMEELA SIDIQUE,VRINDAVAN,C/O.ADAT,
7. HAMSA,VRINDAVAN,C/O.ADAT,THRISSUR.
Vs
1. THE ADAT FARMERS CO-OPERATIVE BANK
... Respondent
2. THE ADAT FARMERS CO-OPERATIVE BANK
For Petitioner :SRI.K.M.SATHYANATHA MENON
For Respondent :SRI.V.G.ARUN
The Hon'ble MR. Justice C.N.RAMACHANDRAN NAIR
Dated :12/04/2007
O R D E R
C.N.RAMACHANDRAN NAIR, J.
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WP(C) No. 11840 of 2007 H
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Dated, this the 12th day of April, 2007
J U D G M E N T
Heard the learned counsel for the petitioners and the learned
Standing Counsel appearing for R1 and R2.
2. Even though prayer is for grant of OTS benefit, learned
Standing Counsel submitted that though OTS benefit was granted
to the petitioners in 2004, they did not avail it. Moreover, last date
for settlement under OTS scheme is over on 31/03/2007. The
application submitted by petitioners on 30/03/2007 is stated to be
dismissed. On the face of its, petitioners do not seem to be serious
in settling liability because applications for settlement under OTS
scheme should have been filed within a reasonable time from
commencement of the scheme. In any case, having regard to the
extent of liability and the rate of interest charged, I feel OTS benefit
can still be extended to the petitioners, provided, petitioners
establish their bonafides by remitting reasonable amount along with
fresh application for OTS benefit and offer payment under OTS
scheme with future interest within a reasonable time. WP(C) is
accordingly disposed of directing all the petitioners to remit Rs. 5
W.P.(C)No. 11840/2007
-Page numbers-
lakhs each and file common application for OTS within one month
from today. If payments are made as above, then there will be
direction to the first respondent Bank to grant OTS benefits and
give facility to pay liability under OTS scheme in 10 equal monthly
instalments payable on 10th of every month commencing from June
2007 onwards. If default is committed in payment of any of the
instalments as above, the OTS benefit granted will stand
automatically vacated and Bank will be free to proceed to take over
assets and sell the same under Securitization Act or under any Act
authorising recovery. All the recovery proceedings will be kept in
abeyance till 12/05/2007 and if Rs. 5 lakhs each is paid by each of
the petitioners and common application for OTS benefit is filed, then
recovery will be kept in abeyance for payment under OTS scheme,
which will be communicated by the Bank within two weeks from
receipt of application for OTS benefit along with payment as above.
This WP(C) is disposed of as above.
(C.N.RAMACHANDRAN NAIR, JUDGE)
jg