IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC WEDNESDAY, THE 2ND APRIL 2008 / 13TH CHAITHRA 1930 WP(C).No. 11289 of 2008(R) -------------------------- PETITIONER: ------------ P.O.PREMAN, PROPRIETOR, OPAL INTERNATIONAL TRADING COMPANY, DILKUSH COMPLEX, KANNOTHUMCHAL ROAD, KANNUR - 2. BY ADV. SRI.P.M.PAREETH RESPONDENT: ------------- UNION BANK OF INDIA, REPRESENTED BY ITS CHIEF MANAGER, KANNUR BRANCH, FORT ROAD, KANNUR - 670001. BY STANDING COUNSEL SRI A.S.P. KURUP THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/04/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. ------------------------------------ W.P.(C) 11289 of 2008 ------------------------------------- Dated: APRIL 2, 2008 JUDGMENT Petitioner had availed of financial assistance in the form of letter of credit to his export business. It is stated that towards the default that was committed, the liability has been substantially cleared and despite that, more than Rs.50 lakhs still remains due. It is on account of this, the bank has initiated proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and Ext.P1 is the notice issued. The petitioner does not contest the liability as such, but only seeks waiver of the dues to the extent possible and for this, it does not appear that the petitioner has made a formal application. 2. However, on instructions, the standing counsel submits that in case the petitioner makes an appropriate application, that will be considered for eligible concessions. However, he insists that the petitioner should make a satisfactory payment at the earliest. WP(C) 11289/08 Page numbers 3. Having heard the counsel on both sides, I dispose of this writ petition with the following directions:- The petitioner shall within one month from today, remit one- third of the amount in any manner convenient to him. Once payment is made as above, it will be open to the petitioner to make an appropriate representation to the respondent for eligible concessions and on receipt thereof, the representation shall be considered in terms of the scheme that is adopted by the bank. It is directed that subject to payment as above, until a decision is taken on the representation, Ext.P1 shall be deferred. Needless to say that in case default is committed, the bank will be free to continue the action it has already taken without further notice. Petitioner shall produce a copy of this judgment before the respondent for compliance. ANTONY DOMINIC, JUDGE mt/-