IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR THURSDAY, THE 11TH JANUARY 2007 / 21ST PAUSHA 1928 WP(C).No. 673 of 2007(E) ------------------------ PETITIONER: ------------ MOHAMMED IQBAL, AGED 75 YEARS, S/O.MOHAMMED MOIDEEN, B-10, KOWDIAR GARDENS, TC 5/2211 KOWDIAR POST, TRIVANDRUM-3. BY ADV. SRI.MOHAN JACOB GEORGE SMT.P.V.PARVATHI SMT.REENA THOMAS SRI.TITUS THOMAS SRI.L.RAM MOHAN RESPONDENTS: ------------- INDIAN OVERSEAS BANK, KURAVANKONAM BRANCH, REPRESENTED BY THE AUTHORIZED OFFICER. BY ADV. SRI.P.B.SURESH KUMAR, SC,I.O.BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 11/01/2007, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.N.RAMACHANDRAN NAIR, J. .................................................................... W.P.(C) No.673 of 2007 .................................................................... Dated this the 11th day of January, 2007. JUDGMENT Heard counsel for the petitioner and Standing Counsel for the Bank. Even though time for payment under OTS scheme is over and in the normal course the petitioner would forfeit the benefit of scheme on account of default, having regard to the financial difficulties expressed by the petitioner and the undertaking to clear the arrears under OTS scheme with future interest from due date till date of payment, W.P. is disposed of granting time in terms of the undertaking till 31.3.2007 to make balance payment of Rs.3 lakhs with 6% interest per annum from 1.10.2006 till date of payment after excluding the remittance already made and interest attributable thereon. However, if default is committed, there will be direction to the petitioner to hand over possession of the property to the Bank for sale, failing which Bank can move this court for contempt. C.N.RAMACHANDRAN NAIR Judge pms