IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 34800 of 2008(P)
1. M.A.THOMAS, (AUGUSTINE THOMAS), AGED 63
... Petitioner
Vs
1. STATE BANK OF TRAVANCORE, BRANCH OFFICE
... Respondent
2. CHIEF MANAGER (ADVANCES)/AUTHORISED
3. DISTRICT INDUSTRIES CENTRE,
4. THE DISTRICT LEVEL REHABILITATION
5. STATE OF KERALA, REP. BY ITS CHIEF
For Petitioner :SRI.JOHNSON MANAYANI
For Respondent :SRI.M.PATHROSE MATTHAI (SR.)
The Hon'ble MR. Justice THOTTATHIL B.RADHAKRISHNAN
Dated :05/12/2008
O R D E R
THOTTATHIL B. RADHAKRISHNAN, J.
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W.P.(C).No.34800 of 2008-P
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Dated this the 5th day of December, 2008.
JUDGMENT
1.The petitioner is facing proceedings under the
SARFAESI Act on account of failure to repay a
loan availed by him. According to him, he is
entitled to certain provisions by way of
rehabilitation through the DIC and certain
ameliorative measures by which the establishment
could be treated as sick and entitled to aid for
rejuvenation. Materials on record disclose that
there were meetings at the level of the DIC and
DLRC. As of now, the bank has made an offer to
the petitioner to consider a request for one time
settlement. This means that the petitioner has to
make a fresh application for one time settlement
and on consideration, he will have to abide by
the terms fixed by the bank for availing such
facility. On his paying the initial amounts for
WP(C)34800/08 -: 2 :-
the one time settlement after accepting the terms
thereof, the bank would also consider the
petitioner’s request for issuing a no objection
certificate for him to have his request before
the DIC and DLRC processed to enable him to have
his unit treated as one entitled to certain aid
by ameliorative measures treating his unit as a
sick one.
For the aforesaid reasons, preserving all
contentions of the petitioner and of the bank,
this writ petition is ordered directing that if
the petitioner makes his written application for
one time settlement within two weeks from now,
the bank will consider the same and intimate him
the terms on which it could be created upon.
Thereupon, the petitioner would pay the amounts
in terms of the one time settlement scheme and on
payment of the initial remittance due in terms
thereof, the bank will consider issuance of NOC
also. Coercive steps will stand deferred for one
month for the petitioner to work out what is
WP(C)34800/08 -: 3 :-
stated above. If the petitioner does not make his
written application for one time settlement or
abide by the terms offered by the bank for one
time settlement, the bank will be at liberty to
forthwith proceed with the distress action.
THOTTATHIL B. RADHAKRISHNAN,
JUDGE.
Sha/