IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE K.M.JOSEPH TUESDAY, THE 28TH OCTOBER 2008 / 6TH KARTHIKA 1930 WP(C).No. 30934 of 2008(G) -------------------------- PETITIONER(S): --------------------- M/S.MANUELSONS HOTEL (P) LTD. G.H.ROAD, KOZHIKODE-1, REPRESENTED BY ITS DIRECTOR P.M.GEORGE. BY ADV. SRI.GEORGE POONTHOTTAM RESPONDENT(S): ----------------------- 1. KERALA FINANCIAL CORPORATION, REPRESENTED BY ITS CHIEF MANAGER, BRANCH OFFICE, M'SQUARE COMPLEX, PAVAMANI ROAD, KOZHIKODE 673 001. 2. DEPUTY TAHSILDAR, REVENUE RECOVERY, KERALA FINANCIAL CORPORATION, KOZHIKODE. ADV. SRI.K.JAJU BABU,SC,KERALA FINANCIAL COR. FOR R1 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 28/10/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: K.M.JOSEPH, J. - - - - - - - - - - - - - - - - - - - - - - - - - WP.(C) No. 30934 of 2008 - - - - - - - - - - - - - - - - - - - - - - - - - Dated this the 28th day of October, 2008 JUDGMENT Petitioner company is in default in respect of loans. Recovery steps are taken. A statement is also filed by the first respondent. 2. I heard learned counsel for the petitioner and Sri.K.Jaju Babu. Learned counsel appearing for the first respondent submits that if the petitioner pays Rs.50 Lakhs on or before 31.12.2008, of which Rs.25 Lakhs should be paid on or before 30.11.2008 and the balance Rs.25 Lakhs on or before 31.12.2008, the petitioner can be permitted to pay the outstanding at the rate of Rs.10 Lakhs per month starting with January, 2009. In such circumstances, the writ petition is disposed of as follows: All further recovery proceedings against the petitioner will be put on hold on condition that the petitioner pays Rs.25 Lakhs on or before 30.11.2008 and another sum of Rs.25 Lakhs on or before 31.12.2008 and pays the balance outstanding in instalments of Rs.10 Lakhs per month, first of which shall be payable on or before 15.1.2009 and continues to pay Rs.10 Lakhs on or before the 15th of the succeeding months till the amounts are cleared. If the petitioner does not pay Rs.25 Lakhs on or before WPC. 30934/2008. 2 30.11.2008 or Rs.25 Lakhs on or before 31.12.2008 or any one instalment of Rs.10 Lakhs, the petitioner will lose the benefit of this judgment and it will be open to the respondents to proceed against the petitioner in accordance with law. (K.M. JOSEPH, JUDGE) sb