IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 13TH OCTOBER 2009 / 21ST ASWINA 1931 WP(C).No. 28431 of 2009(Y) -------------------------- PETITIONER(S): --------------- V.VENU, VENU SADANAM, PATHANAMTHITTA P.O BY ADV. SMT.NIMA JACOB RESPONDENT(S): --------------- 1. THE KERALA STATE FINANCIAL ENTERPRISES, ARANMULA BRANCH, REPRESENTED BY ITS MANAGER. 2. THE SPECIAL DEPUTY TAHSILDAR(RR) KSFE LTD., CHINNAKKADA, KOLLAM. ADV. SRI.M.SASINDRAN, SC, K.S.F.E., LTD. FOR R1 SRI. M.L. SAJEEVAN. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 13/10/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W. P (C) No. 28431 of 2009 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 13th October, 2009. J U D G M E N T The petitioner is a guarantor for repayment of a loan availed of by his brother from the 1st respondent. The brother defaulted repayment of the loan amounts. The respondents have initiated recovery proceedings by issuing Ext. P1 sale notice for sale of the mortgaged properties. The petitioner is challenging the same. 2. The learned standing counsel for the 1st respondent submits that Ext. P1 has been issued for recovery of amounts due under two loans out of which the petitioner has cleared one loan. Therefore, Ext. P1 cannot now be proceeded with, without issuing fresh notification in respect of the remaining loan account. He further submits that in respect of the second loan, the total amount due is Rs. 1,19,849/- and under the one time settlement scheme, if the petitioner pays Rs. 99,725/-, the account can be closed. 3. Learned counsel for the petitioner seeks facility to pay off the amount in instalments. Counsel for the 1st respondent submits that if the petitioner seeks instalment facility, he has to pay the entire loan amount and he cannot be given the facility of one time settlement. 4. After hearing both sides, I dispose of the writ petition with the following directions. 5. The petitioner shall be permitted to pay Rs. 99,725/- as per the one time settlement in six equal monthly instalments starting from 2-11-2009 with accrued interest on the remaining instalment amounts. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the instalments in time, no further coercive proceedings shall be initiated against the petitioner and the loan account shall be closed. W.P.C. No. 28431/2009 -: 2 :- However, if the petitioner commits default in paying any one instalment, the respondents would be entitled to recover the entire amounts in lump sum without having to issue any fresh notice or proceedings in that regard. Sd/- S. Siri Jagan, Judge. Tds/ [True copy] P.S to Judge.