IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR WEDNESDAY, THE 3RD JUNE 2009 / 13TH JYAISHTA 1931 Con.Case(C).No. 478 of 2009(S) ------------------------------ AGAINST THE JUDGEMENT/ORDER IN OP.19457/2000 Dated 08/02/2009 .................... PETITIONER(S): --------------- ABRAHAM.P.ALEX, S/O.ALEXANDER ABRAHAM, AGED 53 YEARS, RESIDING AT PUTHENPURAKKAL, MULLAPILLY, PATHANAMTHITTA. BY ADV. SRI.K.MOHANAKANNAN SMT.A.R.PRAVITHA RESPONDENT(S): --------------- P.T.NANDAKUMAR, (AGE AND FATHER'S NAME NOT KNOWN TO THE PETITIONER), PRESENTLY OFFICIATING MANAGING DIRECTOR, KERALA FINANCIAL CORPORATION, VELLAYAMBALAM, THIRUVANANTHAPURAM. ADV. SRI.K.JAJU BABU,SC,KERALA FINANCIAL COR FOR R1 THIS CONTEMPT OF COURT CASE (CIVIL) HAVING COME UP FOR ADMISSION ON 03/06/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.N. RAMACHANDRAN NAIR, J. ---------------------------------------------------- Contempt of Court Case NO. 478 OF 2009 ----------------------------------------------------- Dated this the 3rd day of June, 2009 JUDGMENT Heard counsel for the petitioner and standing counsel for the Kerala Financial Corporation. Counsel for the Corporation produced proceedings dated 4.4.2009 by which Corporation has granted OTS benefit to the petitioner after payment of Rs. 10 lakhs, pursuant to judgment Ext.A1 dated 8.2.2008. It is seen from the proceedings that Corporation has made major sacrifices and the balance outstanding under the OTS scheme is Rs. 31.77 lakhs. Even though counsel for the petitioner stated that much of the balance outstanding represents interest I do not think there is any difference between borrowed capital and accrued interest. Therefore there is no scope for interference with the proceedings issued by the Corporation in contempt proceedings. It is for the petitioner to avail the benefit if he so desires. However, considering the fact that issue is more than two decades old, I grant time to the petitioner to make payment of the balance amount and avail the benefit granted by the Corporation until 31.7.2009. However, 2 petitioner will give an undertaking that he will accept the settlement by paying Rs. 31.77 lakhs before the date stated above along with a copy of this judgment. If the petitioner gives the undertaking and make payment, then Corporation will not take steps for modifying the offer until 31.7.2009. However, if payment is not made by 31.7.2009, Corporation can forfeit the benefit granted and proceed to sell the property and realise the amount. Contempt Case is closed as above. (C.N. RAMACHANDRAN NAIR) Judge kk 3