IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE V.GIRI FRIDAY, THE 21ST NOVEMBER 2008 / 30TH KARTHIKA 1930 WP(C).No. 34471 of 2008(D) -------------------------- PETITIONER(S): --------------- V.S. RAJAN, S/O. SAVARIAR, AGED 38 YEARS, PROPRIETOR, M/S KERALA REISEN HOTEL ANAMUDI, MARAYOOR, DEVIKULAM TALUK, IDUKKI DIST. BY ADV. SRI.C.J.JOY SMT.VALSAMMA KURIAN JOSE RESPONDENT(S): --------------- 1. KERALA FINANCIAL CORPORATION,, REPRESENTED BY ITS MANAGING DIRECTOR, VALANJAMBALAM, THIRUVANANTHAPURAM -33. 2. THE BRANCH MANAGER, KERALA FINANCIAL CORPORATION, PULIMOOTTIL SHOPPING ARCADE, MUVATTUPUZHA ROAD, THODUPUZHA, IDUKKI DIST. ADV. SRI.M.M.SAYED MUHAMMED, SC, KFC FOR R1-2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21/11/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: V.GIRI, J ------------------- W.P.(C).34471/2008 -------------------- Dated this the 21st day of November, 2008 JUDGMENT Petitioner availed a loan from the KFC inter alia for construction of a Hotel at Marayoor, in Devikulam Taluk, Idukki District. There was default in the re- payment of the loan in accordance with the schedule. Ultimately, on the petitioner’s request, Corporation accepted the One Time Settlement of the dues and required the petitioner to remit an amount of Rs.50 Lakhs, on or before 30.9.2008. It is further stated that the OTS facility shall stand cancelled, if the amounts are not paid before 30.9.2008. Admittedly, petitioner was not able to pay the said amount on 30.9.2008 and on request, the time has now been extended upto 18.11.2008 as per Ext.P6 with a further warning that the Unit will be taken over on any day after 24.11.2008. It is this which has been challenged by the petitioner in this writ petition. It is pointed out that the petitioner has remitted an amount of Rs.5 Lakhs, on 18.11.2008 with an undertaking to pay the W.P.(C).34471/2008 2 balance amount of Rs.45 Lakhs within six months. Petitioner has approached this Court inter alia challenging Ext.P6. 2. I heard learned counsel for the petitioner, Mr.C.J.Joy and learned Standing Counsel for the Corporation Mr.Sayed Mohammed. 3. There is a very limited scope for this Court to interfere with the stipulation of the condition by the Corporation as part of the OTS Scheme. I therefore, asked Mr.Sayed Mohammed as to what is the maximum time that could be given by the Corporation to remit the amount in terms of Ext.P5. Mr.Mohammed said that the Corporation is willing to wait upto 30.11.2008. 4. Learned counsel for the petitioner submits that the petitioner will remit the balance amount due under the OTS Scheme with interest for the period from 30.9.2008 till 31.12.2008, if time is granted upto 31.12.2008. Submission is recorded. W.P.(C).34471/2008 3 5. In the result, writ petition is disposed of directing the Corporation to offer the petitioner time upto 31.12.2008 for payment of the balance amount due in terms of OTS scheme effected under Ext.P5 with interest for the belated payment from 1.10.2008 till 31.12.2008. Subject to the above direction, proposal made by the Corporation for OTS shall remain alive and operative till 31.12.2008. V.GIRI, Judge mrcs