IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC FRIDAY, THE 29TH FEBRUARY 2008 / 10TH PHALGUNA 1929 WP(C).No. 4500 of 2007(I) ------------------------- PETITIONERS: ------------ 1. K. VASUDEVAN NAIR, SREE RAGAM, KURUMANCHERY HOUSE, KAKKASSERY P.O., THRISSUR. 2. K. RAMACHANDRAN, S/O.RAMAN NAIR, DO. DO. 3. K. SATHEEDEVI, W/O.K.VASUDEVAN NAIR, DO. DO. BY ADV. SRI.K.P.SUDHEER RESPONDENTS: ------------- 1. THE STATE BANK OF INDIA, REPRESENTED BY ITS CHIEF MANAGER, (AUTHORISED OFFICER), REGIONAL BUSINESS OFFICE, BHARATHAKSHANAM BUILDING, ST.THOMAS COLLEGE ROAD, THRISSUR. 2. THE STATE BANK OF INDIA, GURUVAYOOR BRANCH, REPRESENTED BY ITS BRANCH MANAGER, GURUVAYOOR EAST NADA, THRISSUR. 3. K.C. PADMAKUMAR, ENFORCEMENT AGENCY ATTACHED TO THE REGIONAL BUSINESS OFFICE, STATE BANK OF INDIA, THRISSUR. BY ADV.SRI.K.K.CHANDRAN PILLAI, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29/02/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. ======================= W.P.(C) No.4500 of 2007 (I) ======================= Dated this the 29th day of February, 2008 JUDGMENT The petitioner against whom proceedings have been initiated under the Securitisation Act has filed this writ petition. It is the admitted position that the 3rd petitioner stood as a guarantor to the loan transaction. Since petitioners 1 and 2 defaulted two or three instalments proceedings were initiated. It is seen that pursuant to the order dated on 27.2.2007, petitioner has remitted an amount of Rs.4 lakhs in a separate account. According to the standing counsel for the bank more than Rs.15 lakhs is due from the petitioner in respect of which the proceedings were initiated. When the writ petition was taken up for hearing, counsel for the petitioner requested that the bank may be directed to regularise the account and to make available the benefit of One Time Settlement Scheme. When this submission was made, the learned counsel for the Bank informed that in view of the steps taken by the Bank they are not in a position to regularise the loan. It was also informed that at W.P.(C) No.4500/2007/I -2- present bank has no One Time Settlement Scheme. At that stage counsel for the petitioner sought time for settlement of the liability in instalments and Bank has no objection to it. Taking into the account the submissions made by both sides, I dispose of this writ petition with the following directions: That the bank will appropriate the amount Rs.4,00,000/- deposited by the petitioner pursuant to order dated 27.2.2007. Before 31.3.2008 the petitioner will pay further Rs.4,00,000/- to the bank. 2. On once payment is made out as above, the bank will issue statement of accounts to the petitioner. On receipt of the statement, the petitioner shall discharge liability intimated therein in five equal monthly instalments, first of which will be payable on or before 30th of April 2008 and subsequent instalments before the end of every succeeding month. On payment as above, the proceedings initiated, will stand stayed. It is clarified that in case default is committed by the petitioner, the bank will be free to continue the action it has already been taken. The writ petition is disposed of as above. ANTONY DOMINIC, W.P.(C) No.4500/2007/I -3- JUDGE jp