IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM TUESDAY, THE 8TH MARCH 2011 / 17TH PHALGUNA 1932 WP(C).No. 3334 of 2011(N) ------------------------- PETITIONER(S): --------------- MAHENDRA PALEJA,S/O.DHARAMSEY RATHENSAY, PROPRIETOR,M/S MAHESH EXPORTS,VITTAL NILAYAM, MANGO GARDENS,KOORKENCHERRY,THRISSUR. BY ADV. SRI.SAJEEV KUMAR K.GOPAL SMT.AMBIKA RADHAKRISHNAN RESPONDENT(S): --------------- 1. THE CANARA BANK,WEST PALACE ROAD, THRISSUR-680 022,REP.BY ITS CHIEF MANAGER. 2. THE AUTHORISED OFFICER,THE CANARA BANK, WEST PALACE ROAD,THRISSUR-680 022. BY SRI.PAULY MATHEW MURICKEN - SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 08/03/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.K.ABDUL REHIM, J --------------------------------------- W.P(C) No.3334 of 2011-N ---------------------------------------- Dated this the 8th day of March, 2011. J U D G M E N T Proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) and consequent sale notice published under Ext.P4, are subject matter of challenge in this writ petition. It is submitted by both sides that on the basis of a request made by the petitioner, the respondent Bank had considered one time settlement of the loan account and after providing considerable waiver, the petitioner was permitted to settle the account by making payment of a sum of Rs.45 lakhs on or before 31.3.2011. 2. It is noticed that by virtue of an interim order issued by this Court on 4.2.2011, the petitioner had remitted a sum of Rs.12 lakhs. Learned counsel for the petitioner seeks indulgence of this Court in extending the period stipulated for payment of balance amount under the 'One Time Settlement Scheme', on the premise that the W.P(C) No.3334 of 2011-N 2 petitioner may not be in a financial position to arrange the entire balance on or before 31.3.2011. 3. Being a facility of 'one time settlement' granted by the respondent Bank, after allowing considerable waiver of the interest portion, this Court may not be justified in enlarging the time stipulated. However, the petitioner will be at liberty to approach the respondent Bank with such request if advised, after making further payment to a considerable extent. If any approach is made, the Bank will be at liberty to consider the same and to take appropriate decision. 4. The writ petition is disposed with the above observations, reserving liberty of the petitioner to approach the Bank and also reserving statutory rights if any available to challenge the proceedings. C.K.ABDUL REHIM JUDGE ab