IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 21ST OCTOBER 2011 / 29TH ASWINA 1933 WP(C).No. 27211 of 2011(B) --------------------------------------- PETITIONER: ------------------- V.RADHAKRISHNAN, NALUKETTIL VEEDU, TC 11/707, MEDICAL COLLEGE P.O., THIRUVANANTHAPURAM. BY ADVS. SRI.M.R.ANANDAKUTTAN, SMT.M.A.ZOHRA, SRI.A.MANOHARAN, SRI.MAHESH ANANDAKUTTAN, SRI.R.S.MADHU. RESPONDENT: ---------------------- M/S. INDIAN BANK, PATTAM BRANCH, THIRUVANANTHAPURAM, REPRESENTED BY ITS CHIEF MANAGER, P.VIJAYAKUMAR - 695 004. BY ADV. SRI. S. EASWARAN, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21/10/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C).NO.27211/2011-B: APPENDIX PETITIONER'S EXHIBITS:- EXT.P1 : TRUE COPY OF THE LOAN PASS BOOK-LOAN ACCOUNT NO.486088222. EXT.P2 : TRUE COPY OF THE RECEIPT OBTAINED FOR THE PETITION FOR WAIVAL OF THE LOAN TAKEN. EXT.P3 : TRUE COPY OF THE LETTER SENT TO THE PETITIONER ON 21.10.2010. EXT.P4 : TRUE COPY OF RECEIPT DTD.1.10.2011 FOR RS.1,00,000/-. RESPONDENT'S EXHIBITS:- NIL. //TRUE COPY// P.A. TO JUDGE Prv. S.SIRI JAGAN, J. ================== W.P.(C).No. 27211 of 2011 ================== Dated this the 21st day of October, 2011 J U D G M E N T The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, initiated by the respondent for recovery of loan amounts defaulted by the petitioner. The petitioner seeks a direction to the respondent to give benefits of One Time Settlement (OTS) to the petitioner. 2. This is opposed by the learned counsel for the bank. He submits that OTS facility was once offered to the petitioner, which the petitioner did not avail of and, therefore, the bank is not in a position to extend that benefit again to the petitioner. In the above circumstances, the petitioner confines relief for payment of the amounts due in instalments. 3. Having heard both sides, I dispose of this writ petition with the following directions: The petitioner shall pay the amounts due in six equal monthly instalments starting from 1.11.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. On payment of the first instalment, the petitioner shall be allowed to reside in the house in the property. But the possession shall continue w.p.c.27211/11 - : 2 :- to be with the bank. If the petitioner complies with the above directions, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of any of the instalments, it would be open to the respondent to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. If the petitioner commits default, the petitioner shall voluntarily surrender the house also to the bank. If the petitioner does not so surrender, it would be open to the respondent to initiate proceedings under the Contempt of Courts Act for violation of the direction of this Court. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge