IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC WEDNESDAY, THE 16TH JANUARY 2008 / 26TH POUSHA 1929 WP(C).No. 84 of 2008(I) ----------------------- PETITIONER: ------------ MR. CHANDRABOSE K.S., AGED 43 YEARS, S/O. LATE SIVASANKARAN NAIR, VILLA NO.34, CHOICE VILLAGE, TRIPUNITHURA-683101. BY ADV. SRI.S.SACHITHANANDA PAI RESPONDENTS: ------------- 1. STATE BANK OF INDIA, STRESSED ASSETS RESOLUTION CENTRE, R.S.BUILDING, M.G. ROAD, ERNAKULAM-11. 2. STATE BANK OF INDIA, ERNAKULAM BRANCH, K.T.D.C.BUILDING, BY SC SRI.K.K.CHANDRAN PILLAI THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 16/01/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J ----------------------------------------------------------------- W.P.(C).NO.84/2008 ----------------------------------------------------------------- Dated this the 16th day of January, 2008 JUDGMENT The petitioner submits that he was a defaulter to the Bank. It is stated that they had applied for OTS by Ext.P1 and his request was turned by the Bank by Ext.P2 stating that in view of the unsatisfactory conduct of the account and poor track record they are not in a position to consider the request. It is stated that revenue recovery proceedings have been initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and Ext.P2 notice under the said Act has been issued. It is challenging Ext.P2 and seeking consequential reliefs that this writ petition has been filed. It is submitted by the standing counsel for the Bank that the Bank die not have any OTS scheme. If that be so, 2 though the reason contained in Ext.P2 may not be correct, the Bank could not have considered Ext.P1 on merit. In view of this, the learned counsel for the petitioner seeks installment facility to discharge the amount that is due from the petitioner. I heard the standing counsel for the Bank also in the matter. Having heard both sides, I dispose of this writ petition as follows; Since the petitioner has offered 25% of the amount that is due from him for considering the OTS application, I direct that the petitioner shall remit an equivalent amount of Rs.8 lakhs within ten days from today and subject to such remittance further proceedings pursuant to Ext.P3 shall stand deferred. The balance amount due from the petitioner shall be paid in six equal monthly installments. The first installment shall be payable on 15th February, 2008. The subsequent installments shall be payable on 15th of every succeeding month. It is made clear that if the petitioner commits default, the Bank will be free to continue with the 3 proceedings already initiated without further notice. Needless to say that in case OTS scheme is available, it will be open to the petitioner to make a request in that regard and the Bank shall consider the same on merit. ANTONY DOMINIC JUDGE vi. 4