IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 11TH JULY 2011 / 20TH ASHADHA 1933 WP(C).No. 16160 of 2011(T) --------------------------------------- PETITIONER(S): ----------------------- V.P.KUTTAPPAN, VETTIKULANGARA HOUSE, THAZHATHUVADAKA P.O., KOTTAYAM. BY ADV. SRI.SERGI JOSEPH THOMAS RESPONDENT(S): --------------------------- 1. THE REGISTRAR OF CO-OPERATIVE SOCIETIES, THIRUVANANTHAPURAM - 695 001. 2. THE JOINT REGISTRAR OF CO-OPERATIVE SOCIETIES (GENERAL), KOTTAYAM - 686 001. 3. BRANCH MANAGER, KOTTAYAM DISTRICT CO-OPERATIVE BANK, PATHANADU BRANCH - 686 121. 4. THE KOTTAYAM DISTRICT CO-OPERATIVE BANK LIMITED, KOTTAYAM REPRESENTED BY ITS GENERAL MANAGER - 686 001. 5. THE AUTHORIZED OFFICER, KOTTAYAM DISTRICT CO-OPERATIVE BANK, HEAD OFFICE, KOTTAYAM - 686 001. R1 & R2 BY SR GOVERNMENT PLEADER SRI.C.K.GOVINDAN R3 TO R5 BY ADV. SRI.T.A.SHAJI,SC THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 11/07/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sts WP(C)NO.16160/2011 APPENDIX PETITIONER'S EXHIBITS: P1 COPY OF THE CASTE CERTIFICATE ISSUED BY THE VILLAGE OFFICER, VELLAVUR. P2 COPY OF THE CIRCULAR NO.9/09 DATED 27/2/09 ISSUED BY THE REGISTRAR OF CO-OPERATIVE SOCIETIES. P3 COPY OF THE LETTER NO.CG(2)120010/9 DATED 17/4/09 ISSUED BY THE 1ST RESPONDENT AND 2ND RESPONDENT. P4 COPY OF THE LETTER NO.CG(2)120010/9 DATED 27/4/09 ISSUED BY THE 1ST RESPONDENT AND 2ND RESPONDENT. P5 COPY OF THE REPRESENTATION DATED 18/7/09 SUBMITTED BY THE PETITIONER BEFORE THE 3RD RESPONDENT. P6 COPY OF THE NOTICE DATED 21/3/2011 ISSUED UNDER SECTION 13(4) OF THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 ISSUED BY THE 5TH RESPONDENT. P7 COPY OF THE REPRESENTATION DATED 2/5/2011 SUBMITTED BY THE PETITIONER BEFORE THE 2ND RESPONDENT. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A.TO.JUDGE sts S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.16160 OF 2011 ---------------------------------------------- Dated this the 11th day of July, 2011 JUDGMENT The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by respondents 3 to 5 for recovery of loan amounts defaulted by the petitioner. The petitioner raises a contention that the property proceeded against is an agricultural land and, therefore, is exempt from proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act. The petitioner contends that the petitioner may also be given the benefit of One Time Settlement Scheme available. 2. The learned counsel for the bank submits that the petitioner has been given all opportunity to pay off the amounts which the petitioner has not availed of. 3. Having heard both sides, I dispose of this writ petition with the following directions: The petitioner shall pay an amount of Rs.75,000/- within W.P.(C)No.16160/11 2 one month from today towards repayment of the balance amount due. Within the said period of one month, the competent among respondents 3 to 5 shall consider and pass orders on Ext.P5 application for One Time Settlement. The petitioner shall pay the balance amount in six equal monthly instalments starting from 1.10.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the initial amount and the instalments on due dates, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of the initial amount or any of the subsequent instalments, it would be open to the respondents to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Needless to say, if the petitioner’s claim for One Time Settlement is allowed, payment shall be in accordance with the orders of One Time Settlement. S. SIRI JAGAN, JUDGE acd W.P.(C)No.16160/11 3 W.P.(C)No.16160/11 4