IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR THURSDAY, THE 23RD JULY 2009 / 1ST SRAVANA 1931 WP(C).No. 28722 of 2004(T) -------------------------- PETITIONER(S): --------------- SAJAYA KUMAR, SREE DURGA COIR WORKS MAYITHARA MARKET P.O., CHERTHALA. BY ADV. SRI.M.BALAGOVINDAN SRI.SASITH.M.R RESPONDENT(S): --------------- 1. KERALA FINANCIAL CORPORATION REPRESENTED BY ITS MANAGING DIRECTOR, HEAD OFFICE, THIRUVANANTHAPURAM. 2. BRANCH MANAGER, BRANCH OFFICE, KUMARANASAN SMARAKA BUILDING, COURT ROAD, ALAPPUZHA. ADV. SRI.SAITHUMUHAMED, SC FOR KFC THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 23/07/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: 2 APPENDIX PETITIONER'S EXHIBITS: EXT.P1 TRUE COPY OF THE AGREEMENT WITH THE 2ND RESPONDENT DATED 25.10.1995 EXT.P2 SERIES TRUE COPY OF THE CASH RECEIPTS EVIDENCING THE REMITTANCE OF THE AMOUNT. EXT.P3 TRUE COPY OF THE NOTICE ISSUED BY THE 2ND RESPONDENT DATED 29.8.2003 EXT.P4 TRUE COPY OF THE JUDGMENT IN WP 35213/2003 OF THIS HON'BLE COURT DATED 10.11.2003 EXT.P5 TRUE COPY OF THE REPRESENTATION TO THE MANAGER KERALA FINANCIAL CORPORATION TVM DATED 10.3.2004 EXT.P6 TRUE COPY OF THE COMMUNICATION OF THE 2ND RESPONDENT DATED 31.8.2004 RESPONDENTS EXHIBITS:NIL. TRUE COPY P.S. TO JUDGE. C.N. RAMACHANDRAN NAIR, J. -------------------------------------------- W.P.C. NO. 28722 OF 2004 -------------------------------------------- Dated this the 23rd day of July, 2009 JUDGMENT Petitioner is in this Court a second round challenging the recovery proceedings initiated by the KFC for recovery of arrears of land availed by the petitioner from them. The dispute started in 2002 evidenced by Ext.P4. Admittedly petitioner took loan and failed to repay the same in terms of Schedule. Default led to massive accrual of interest and therefore petitioner feels demand is exhorbitant. While admitting the Writ Petition on 30.9.2004, this Court granted conditional order directing the petitioner to remit Rs. 1.5 lakhs. It is seen from Ext.P6 that KFC has granted OTS benefit to the petitioner directing him to pay Rs. 3,55,000/- by 30.9.2004. On the face of it, sacrifice made by the KFC is not substantial. Therefore petitioner has some grievance. In the circumstances if petitioner has made payment of Rs. 1.5 lakhs under interim orders of this Court, there will be direction to the second respondent to place the matter before the Board of Directors of the Corporation for settlement under OTS scheme under 2 the current norms. I make it clear that Corporation should be reasonable and realistic in the demand of interest and interest on interest so that further litigation can be avoided. WPC is disposed of as above. (C.N. RAMACHANDRAN NAIR) Judge kk 3