IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 28TH JULY 2009 / 6TH SRAVANA 1931 WP(C).No. 20453 of 2009(B) -------------------------- PETITIONER: --------------- JAYAGOPALAN,S/O. KITTUNNI, PONNASERY HOUSE, KANDANISSERY P.O. ARIYANNUR, THRISSUR DIST. BY ADV. MR. V.M.KRISHNAKUMAR MS. P.A.ANITHA RESPONDENTS: --------------- 1. KERALA FINANCIAL CORPORATION, O/O.KERALA FINANCIAL CORPORATION THIRUVANATNHAPURAM REP. BY MANAGING DIRECTOR. 2. MANAGER, KERALA FINANCIAL CORPORATION, SMART CENTRE, KOKKALAI, THRISSUR. 3. DEPUTY TAHSILDAR, KERALA FINANCIAL CORPORATION, SMART CENTRE, KIKKALAI, THRISSUR. R1 AND R2 BY ADV. MR. S.SREEKUMAR THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 28/07/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 20453 of 2009 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 28th day of July, 2009 JUDGMENT The petitioner has approached this Court with a prayer to direct the first respondent to consider and pass appropriate orders on Ext.P4 representation to have the benefit of 'OTS' and for some other benefits simultaneously seeking to keep all further coercive steps including the sale notified to be held tomorrow in abeyance, till appropriate orders are passed on Ext.P4. 2. The learned standing counsel appearing for the respondents, submits on instructions that, much leniency has already been extended to the petitioner and any step to extend further sympathy will only be misplaced. However, the learned counsel submits that, one more opportunity could be given to the petitioner as a 'do or die attempt', if he proves his bona fides as to the steps allegedly being taken to satisfy the entire liability on the basis of the 'OTS' benefit already extended to him, vide Ext.P1. 3. As per ExtP1, the total liability to be discharged by the petitioner in connection with the loan transaction was Rs.120.33 lakhs, out of which, the petitioner was given a rebate of Rs. 69.33 lakhs and he was to satisfy only a sum of Rs. 51 lakhs; with other incidental expenses, to close the entire loan transaction. Despite the favourable orders as above, the petitioner chose to remit only a sum of Rs. 7 lakhs WP (C) No. 20453 of 2009 : 2 : and the time to remit the balance amount expired on 31.3.2008. Notwithstanding the fact that the last date for remitting the balance amount is over by more than one year, the learned standing counsel for the respondent submits that, if a substantial portion of the balance amount is remitted by the petitioner on or before the date of sale scheduled tomorrow and pays the remaining amount under the 'OTS' with subsequent interest and expenses if any, discharge of the liability can be recorded and the benefit as originally decided to be extended to the petitioner under 'OTS' could be given to him. 4. In the above facts and circumstances, the petitioner is directed to pay Rs. 5 lakhs before 1 P.M. tomorrow (29.07.2009) and on such event, the sale scheduled to be held at 2.30 P.M. tomorrow shall be kept in abeyance, subject to the further condition that, the petitioner shall satisfy the balance amount of Rs. 39 lakhs plus incidental expenses and belated interest within 3 months thereafter. It is made clear that, if any default is committed by the petitioner in satisfying the requirements as above, the respondents will be entitled to proceed with further coercive steps from the stage where it stands now, for realization of the entire amount in a lump sum. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON, JUDGE kmd