IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 4831 of 2009(A)
1. S.NAGAPPAN PILLAI
... Petitioner
Vs
1. STATE OF KERALA
... Respondent
2. THE REGISTRAR OF CO-OPERATIVE SOCIETIES
3. THE DEPUTY REGISTRAR (CREDIT)
4. THE JOINT REGISTRAR (GENERAL)
5. THE KERALA STATE CO-OPERATIVE BANK LTD
6. THE AUTHORISED OFFICER
7. THE MANAGER (LOANS)
8. SMT.CHANDRAVALLY AMMA
For Petitioner :SRI.R.SURAJ KUMAR
For Respondent :SRI.NAGARAJ NARAYANAN,SC,K.S.CO-OP BANK
The Hon'ble MR. Justice THOTTATHIL B.RADHAKRISHNAN
Dated :17/02/2009
O R D E R
THOTTATHIL B RADHAKRISHNAN, J
...........................................
WP(C).NO. 4831 OF 2009
............................................
DATED THIS THE 17TH DAY OF FEBRUARY, 2009
JUDGMENT
Government Pleader appears for respondents 1 to 4. Standing
Counsel Sri Nagaraj Narayan appears for respondents 5 to 7. Notice
to 8th respondent dispensed with. Petitioner availed a mortgage loan
from the 7th respondent. Later he retired from service. The repayment
into the loan account was hardly around Rs.95,000/- against the loan
of Rs.4.5 lakhs advanced from 14.1.2004. He was to repay that
amount in 60 instalments of Rs.10,485/-. This means that he had paid
less than ten instalments, even if I were to consider the amounts as
paid promptly. Even then, from the beginning of 2005, he is in default.
The bank, as per Ext.P11, offered One Time Settlement Scheme,
asking the petitioner to avail the benefit of closing the transaction.
The petitioner however says that he received Ext.P11 only on
31.1.2009 and has moved this court for relief, which is nothing but
that One Time Settlement Scheme may be extended to him. He does
not challenge SARFAESI Act proceedings and contends that his
prayer is only one for an opportunity to save the property by paying
off the entire amounts. Petitioner, through his counsel, gives up all the
contentions challenging SARFAESI Act proceedings and also right to
move Debt Recovery Tribunal under Section 17 of SARFAESI Act.
WP(C) 4831/2009 2
Under such circumstances, it is ordered that if the petitioner remits
an amount of Rs.1,00,000/- within a period of four weeks and a
further amount of Rs.1,00,000/- within a further period of four weeks,
the bank will consider extending to the petitioner, the benefit of One
Time Settlement Scheme and the petitioner may be permitted to enjoy
that scheme. The distress action under SARFAESI Act will stand
adjourned in the above terms and regulated thereby. If the petitioner
does not remit any of the instalments as aforesaid, or further amounts
in terms of One Time Settlement Scheme as may be extended by
the bank, the creditor bank will be entitled to further proceed with
SARFAESI Act proceedings, from the stage at which it has reached,
as if now.
Writ petition ordered accordingly.
THOTTATHIL B RADHAKRISHNAN,
JUDGE
lgk/19/2