IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC TUESDAY, THE 4TH MARCH 2008 / 14TH PHALGUNA 1929 WP(C).No. 6390 of 2008(I) ------------------------- PETITIONER: ------------ 1. SHINES INDIA (P) LTD. P.O.BOX 5, SHINES TOURIST HOTEL, PANDALAM, REPRESENTED BY ITS MANAGING DIRECTOR SHINE NADH. 2. JOSE.T.L., NELLIVILA HOUSE, KUNNAPUZHA, ARAMADA P.O., THIRUMALA, THIRUVANANTHAPURAM. BY ADV. SRI.N.SUKUMARAN SRI.S.SHYAM SRI.N.K.KARNIS SRI.BOBBYMATHEW KOOTHATTUKULAM RESPONDENTS: ------------- 1. KERALA FINANCIAL CORPORATION, REPRESENTED BY ITS MANAGING DIRECTOR, VELLAYAMPALAM, THIRUVANANTHAPURAM-695 033. 2. THE DISTRICT MANAGER, KERALA FINANCIAL CORPORATION, BRANCH OFFICE, VELLAYAMPALAM, THIRUVANANTHAPURAM-695 033. BY SC SRI V.B.UNNIRAJ THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04/03/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. ------------------------------------ W.P.(C) 6390 of 2008 ------------------------------------- Dated: MARCH 4, 2008 JUDGMENT In this writ petition, the prayer sought for is to quash Ext.P9 in so far as it includes the petitioner's property at item No.4 therein. Petitioner also seeks a direction to the respondents to give them the benefit of one time settlement before initiating steps for realisation of the balance due. 2. In sum and substance what the petitioner would contend is that they had made an application for a one time settlement and while that application is pending, the respondents had published Ext.P9, a notice proposing to sell or mortgage the property of the petitioner. Thereupon the petitioner filed Ext.P10 and as it did not evoke any response, this writ petition has been filed. 3. When the writ petition has taken up, the learned standing counsel for the respondents vehemently opposed the reliefs sought for. It is contended that in response to Ext.P9, offers have been received and that the highest offer that is received is of Rs.3.5 crores as against Rs.65,16,185/-, being the liability of the WP(C) 6390 of 2008 Page numbers petitioner. 4. During the course of the submissions, learned counsel for the petitioner requested that even if the petitioner is not entitled to the benefit of one time settlement scheme as applied for by them, they may still be permitted to discharge the liability by instalments and thus to save their valuable property from a distress sale. Although this request also was opposed by the learned counsel for the Corporation, having regard to the facts of the case and also in the interests of justice, I feel that the petitioner should be given one more opportunity to save the property from a distress sale protecting the interests of the Corporation as well. 4. Accordingly I dispose of this writ petition with the following directions:- i. Since the total liability of the petitioner is Rs.65,16,185/- as on 1st March, 2008, I direct that the petitioner shall deposit Rs.30 lakhs on or before 31st March, 2008. ii. In order to secure payment of the balance amount due to the Corporation, I direct that along with the instalment of Rs.30 lakhs, the petitioner WP(C) 6390 of 2008 Page numbers should furnish an unconditional bank guarantee for Rs.40 lakhs to the respondents. iii. The balance amount of Rs.35,16,185/- together with future interest shall be paid by the petitioner in two equal monthly instalments, which shall be payable on or before the 30th of April 2008 and 31st of May 2008. iv. It is made clear that in case the petitioner commits default in paying the instalments as above, it will be open to the Corporation to invoke the bank guarantee and realise the entire amount that is due from the petitioner. v. It is made clear that in case the 1st instalment payable on or before the 31st of March 2008 is defaulted by the petitioner, it will be open to the Corporation to confirm the offers that they have received in response to Ext.P9. It goes without saying that in case the liability is cleared as indicated above, the documents deposited and the property will be released to the petitioner forthwith. WP(C) 6390 of 2008 Page numbers ANTONY DOMINIC, JUDGE mt/-