IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC THURSDAY, THE 1ST SEPTEMBER 2011 / 10TH BHADRA 1933 WP(C).No. 22796 of 2011(Y) -------------------------- PETITIONER(S): --------------- T.A.MOUNAGURUSWAMY, S/O.LATE T.L.RAMASWAMI PILLAI, AGED 54 YEARS, NOW RESIDING AT THOKKUVEETTIL HOUSE, ADIMALI P.O., VIVEKANANDA NAGAR, ADIMALI-685561. BY ADV. SRI.JOHNSON MANAYANI SRI.BENHUR JOSEPH MANAYANI RESPONDENT(S): --------------- 1. DEPUTY TAHSILDAR (RR), KERALA FINANCIAL CORPORATION, KATTAPPANA, IDUKKI DISTRICT-685508. 2. THE KERALA FINANCIAL CORPORATION (KFC), VELLAYAMBALAM, TRIVANDRUM, REP. BY ITS MANAGING DIRECTOR-695001. 3. THE STATE OF KERALA, REP. BY ITS SECRETARY TO FINANCE DEPARTMENT, SECRETARIAT, THIRUVANANTHAPURAM-695001. 4. BRANCH MANAGER, KERALA FINANCIAL CORPORATION, BRANCH OFFICE, PULIMOOTTIL ARCADE, MUVATTUPUZHA ROAD, THODUPUZHA-685584. ADV. SRI.M.M.SAYED MUHAMMED, SC, KFC FOR R2 &4 SR. GOVERNMENT PLEADER SRI.P.N.SANTHOSH THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01/09/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WPC.22796/11 APPENDIX PETITIONER'S EXHIBITS: P1 COPY OF THE JUDGMENT DT 18.2.11. P2 COPY OF THE RP.301/11. P3 COPY OF THE OTS DT 25.5.11. P4 COPY OF THE PETITION IA.323/11. P5 COPY OF THE ORDER DT 1.6.11. P6 COPY OF THE JUDGMENT DT 8.6.11. P7 COPY OF THE ORDER DT 6.8.11. P8 COPY OF THE PETITION DT 8.8.11. P9 COPY OF THE PETITION DT 8.8.11. // True Copy // P.A. To Judge ANTONY DOMINIC, J. ``````````````````````````````````````````````````````````` W.P.(C) No. 22796 of 2011 Y ``````````````````````````````````````````````````````````` Dated this the 1st day of September, 2011 J U D G M E N T ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ Petitioner is a guarantor for a loan availed of by a company by name Marayoor Paper Board Private Limited. In so far as this writ petition is concerned, by Ext.P3, petitioner applied for One Time Settlement Scheme, which was rejected by Ext.P7, which reads as under:- “Please refer to the above. The Corporation considered your request as per directions of the Hon'ble High Court in the above judgment. But we regret to inform you that we are not in a position to settle your account at your offer of Rs.25,000/- as this amount is too low compared to the balance outstanding in the loan account as on 01.08.2011 amounting to Rs.263.12 lakhs.” It is challenging Ext.P7, the writ petition is filed. W.P.(C) No.22796/2011 : 2 : 2. I heard the counsel appearing for the petitioner and also the learned Standing Counsel for the respondents. The stand reiterated by the counsel for the Corporation is that the offer made by the petitioner is too low and it was, therefore, that the offer cannot be considered. 3. In the matter of OTS Scheme, unless the offer is acceptable to the Corporation, the Corporation cannot be expected to accept the same. Now that according to the Corporation, the offer made is unsatisfactory, this Court cannot find fault with Ext.P7. 4. In such circumstances, I dispose of this writ petition, directing that it will be open to the petitioner to make a revised offer, in which event, the second respondent will consider the same in accordance with the prevailing Scheme and a decision will be taken and communicated to the petitioner. Counsel for the petitioner submits that the revised offer will be made within two weeks from today, in which event, it is W.P.(C) No.22796/2011 : 3 : directed that the second respondent will pass orders thereon within one month thereafter. Sd/- (ANTONY DOMINIC, JUDGE) aks/01/09 // True Copy // P.A. To Judge