IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR TUESDAY, THE 8TH APRIL 2008 / 19TH CHAITHRA 1930 WP(C).No. 12005 of 2008(D) ---------------------------------------- PETITIONER: -------------------- K.JANARDHANA KURUP, AGED 62 YEARS, S/O.KRISHNAN NAIR, AYYAPPA BHAVANAM, EREZHA SOUTH, CHETTIKULANGARA P.O. MAVELIKKARA. BY ADV. SRI.A.SHAFEEK SRI.M.A.ABDUL HAKHIM RESPONDENTS: ------------------------- 1. KERALA STATE FINANCIAL ENTERPRISES LTD., MUSEUM ROAD, THRISSUR REPRESENTED BY ITS MANAGING DIRECTOR. 2. THE BRANCH MANAGER, KERALA STATE FINANCIAL ENTERPRISES LIMITED, MAVELIKKARA PIN - 690 101. 3. THE SPECIAL DEPUTY TAHSILDAR (RR), K.S.F.E.LIMITED, RR UNIT, KUMARANASAN SMARAKA MANDIRAM, COURT ROAD, ALAPPUZHA - 1. BY GOVERNMENT PLEADER SRI. MATHEW VADAKKEL BY ADV. SRI. M.L.SAJEEVAN, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 08/04/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss C.N.RAMACHANDRAN NAIR, J. ------------------------- W.P.(C) No. 12005 of 2008 --------------------------------- Dated, this the 8th day of April, 2008 J U D G M E N T Even going by petitioner's own case, it is clear that petitioner is a cronic defaulter in paying instalment of house building loan. Learned counsel for the petitioner contended that petitioner has time till 2011 to clear the arrears in instalments. However, I do not think petitioner is entitled to instalment facility because of the massive default committed by him, which led to accumulation of house building loan at Rs.7,46,736/-. Moreover, the repayment scheme offered by petitioner at Rs.15,000/- per month will not even meet interest liability for the accumulated arrears. In the circumstances, there is no justification of the petitioner to demand instalment facility to clear the arrears. However, I feel, petitioner can be granted an opportunity to settle liability under OTS scheme provided, entire arrears are paid by sale of evan the mortgaged property or any other property within a reasonable time. Accordingly, this writ petition is disposed of directing the respondents to withheld recovery proceedings till 30/06/2008, provided, petitioner along with copy of the judgment gives an undertaking within three weeks from today to settle liability under WP(C) No. 12005/2008 -2- OTS scheme by 30/06/2008. If petitioner settles liability, there will be direction to KSFE to recover only simple interest at contract rate without charging any penal or default interest. However, if petitioner commits default after furnishing undertaking, there will be direction to petitioner to vacate from the premises and hand over the mortgaged building to 3rd respondent for sale in auction. (C.N.RAMACHANDRAN NAIR, JUDGE) jg