IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE V.GIRI TUESDAY, THE 2ND DECEMBER 2008 / 11TH AGRAHAYANA 1930 WP(C).No. 22271 of 2008(B) ----------------------------------- PETITIONERS: ----------------- 1. M/S.MAHALAKSHMY FORGINGS (P)LTD;28/95, PATTURAIKKAL, THRISSUR 680001. REPRESENTED BY ITS MANAGING DIRECTOR-V.RAMAKRISHNAN. 2. V.RAMAKRISHNAN, S/O.K.APPUNNI MENON, RESIDING AT "MAHALAKSHMI", GREEN PARK, THRISSUR-680022. 3. M.MAYA, W/O.V.RAMAKRISHNAN, RESIDING AT "MAHALAKSHMI", GREEN PARK, THRISSUR-680022. 4. P.MEENAKSHY, W/O.LATE.V.MADHAVAN NAIR, RESIDING AT "MAHALAKSHMI", GREEN PARK, THRISSUR-680022. BY ADV. SRI.N.SUBRAMANIAM SRI.M.S.NARAYANAN SRI.P.T.GIRIJAN SRI.PRAMODH.R SMT.USHA NARAYANAN RESPONDENT: --------------- STATE BANK OF INDIA, SIB BRANCH, THRISSUR.REPRESENTED BY ITS BRANCH MANAGER. ADV. SRI.P.V.SURENDRANATH, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/12/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: V.GIRI,J. ------------------------- W.P ( C) No.22271 of 2008 -------------------------- Dated this the 2nd December, 2008 J U D G M E N T The grievance highlighted in the writ petition relates to what is alleged as reluctance on the part of the respondent Bank to accept the petitioner’s offer for closing its accounts under the One Time Settlement Scheme, in terms of the guidelines issued in that behalf by the Reserve bank of India. I do not propose to go into the merits of the contention in view of the fact that learned counsel for the petitioner Sri M.S Narayanan and learned standing counsel for the Bank Sri.P.V.Surendranath have reported that parties had arrived at settlement by which a payment of Rs.38.5 lakhs by the petitioners, in favour of the Bank shall be treated as one in discharge of the entire liability incurred by the 1st petitioner with the Bank. Accordingly, the writ petition is disposed of directing the petitioners to pay an amount of Rs.38.5. lakhs to the W.P ( C) No.22271 of 2008 2 respondent in five equal monthly instalments commencing from 31st December, 2008. It is made clear that if there is default in payment of any one of the instalments, the said facility shall stand withdrawn and the Bank shall be entitled to proceed to recover the amounts due to it, in accordance with law. (V.GIRI,JUDGE) ma W.P ( C) No.22271 of 2008 3 W.P ( C) No.22271 of 2008 4