IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN TUESDAY, THE 15TH JULY 2008 / 24TH ASHADHA 1930 WP(C).No. 5036 of 2008(Y) ------------------------------------- PETITIONERS: -------------------- 1. M/S. AJITH ASSOCIATES PVT. LTD., 3RD FLOOR, PUTHURAN PLAZA, K.P.C.C.JN.,M.G.ROAD, ERNAKULAM, COCHIN-682011, REP.BY ITS MANAGING DIRECTOR, MR.B.R.AJITH. 2. MR.B.R.AJITH, S/O.K.B.UNNITHAN, RESIDING AT FLAT NO.A & B, SILVER NEST APARTMENT, SILVER SAND ISLANDS, VYTTILA, COCHIN-682016. 3. MRS. DEVI AJITH, W/O. B.R.AJITH, RESIDING AT FLAT NO.A & B, SILVER NEST APARTMENT, SILVER SAND ISLANDS, VYTTILA, COCHIN-682016. 4. M/S. GOOD HOME (P) LTD., VRINDAVAN,DOOR NO.88,OPP. WOMEN'S ASSOCIATION HALL DIWAN'S ROAD, COCHIN-16, REP. BY ITS DIRECTOR, MR.B.R.AJITH. BY ADV. SRI.S.R.DAYANANDA PRABHU. RESPONDENTS: ----------------------- 1. HOUSING & URBAN DEVELOPMENT CORPORATION LTD (HUDCO), REP. BY ITS CHAIRMAN & MANAGING DIRECTOR, HUDCO BHAVAN, INDIAN HABITAT CENTRE, LODHI ROAD, NEW DELHI-110003. 2. REGIONAL CHIEF, HOUSING & URBAN DEVELOPMENT CORPORATION LTD(HUDCO), REGIONAL OFFICE, 3RD FLOOR, SAPHALYAM, PALAYAM, THIRUVANANTHAPURAM-695034. 3. THE RECOVERY OFFICER, DEBT RECOVERY TRIBUNAL, ERNAKULAM. R1 BY ADV. SRI.T.K.VENUGOPALAN. THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 15/07/2008,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C). NO.5036/2008-Y: APPENDIX PETITIONERS' EXHIBITS: EXT.P.1: COPY OF THE LEGAL NOTICE DTD. 30/08/2000 ISSUED TO THE PETITIONERS. EXT.P.2: COPY OF THE ORDER DTD. 18/01/2002 IN O.A. NO. 42/2001 OF DEBT RECOVERY TRIBUNAL, KERALA, ERNAKULAM. EXT.P.3: COPY OF THE NOTICE OF DEMAND DTD. 12/12/2002 ISSUED BY R.3. EXT.P.4: COPY OF THE LETTER DTD. 23/10/2004 ISSUED BY THE R.2. EXT.P.5: COPY OF THE REPRESENTATION DTD. 08/02/2006 ISSUED TO THE R.1. EXT.P.6: COPY OF THE REPRESENTATION DTD. 23/11/2006 ISSUED TO THE R.2. EXT.P.7: COPY OF THE REPRESENTATION DTD. 05/01/2008 ISSUED BY THE P.1. EXT.P.8: COPY OF THE LETTER DTD. 10/01/2008 ISSUED BY THE R.2. EXT.P.9: COPY OF THE RECEIPT DTD. 13/01/2006 ISSUED BY M/S. I.C.D.S. LTD. EXT.P.10: COPY OF THE LETTER DTD. 24/02/2006 ISSUED BY KERALA FINANCIAL CORPORATION. EXT.P.11: COPY OF THE CERTIFICATE DTD. 13/03/2006 ISSUED BY KERALA FINANCIAL CORPORATION. EXT.P.12: COPY OF THE LETTER DTD. 29/12/2005 ISSUED BY TOURISM FINANCIAL CORPORATION OF INDIA. EXT.P.13: COPY OF NO DUES CERTIFICATE ISSUED BY TOURISM FINANCIAL CORPORATION OF INDIA. EXT.P.14: COPY OF THE NOTICE DTD. 27/06/2005 ALONG WITH PETITION AND SCHEDULE OF PROPERTIES. EXT.P.15: COPY OF THE I.A. NO. 1120/2006 FILED BY INDIAN BANK BEFORE THE R.3. EXT.P.16: COPY OF THE LETTER DTD. 29/05/2007 ISSUED BY INDIAN BANK. EXT.P.17: COPY OF THE LETTER DTD. 31/01/2008 ISSUED BY THE P.4. EXT.P.18: COPY OF THE LETTER DTD. 13/02/2008 ISSUED BY INDIAN BANK. EXT.P.19: COPY OF THE LETTER DTD. 28/02/2008 ISSUED BY THE P.1. EXT.P.20: COPY OF THE REQUEST LETTER DTD. 03/03/2008 ISSUED BY THE P.1. EXT.P.21: COPY OF THE LETTER DTD. 03/03/2008 ISSUED BY THE R.2. EXT.P.22: COPY OF THE APPLICATION DTD. 05/04/2008 SUBMITTED BY THE PETITIONERS TO THE R.1. W.P.(C). NO.5036/2008-Y: EXT.P.23: COPY OF THE LETTER DTD. 08/04/2008 ISSUED BY THE R.1. EXT.P.24: COPY OF THE LETTER DTD. 09/04/2008 ISUED BY THE PETITIONERS TO THE R.1. EXT.P.25: COPY OF THE REQUEST DTD. 21/06/2008 SUBMITTED BY THE PETITIONERS TO THE R.1. RESPONDENTS' EXHIBIT: EXT.R1.A: COPY OF THE OTS SCHEME FOR RECOVERY OF DUES FROM NP ASSETS AND OTHER DEFAULTED CASES. //TRUE COPY// prv. Thottathil B. Radhakrishnan, J. ================================== W.P.(C)No.5036 of 2008 ================================== Dated this the 12th day of February, 2008. JUDGMENT This writ petition was filed seeking a direction to HUDCO to consider an offer of the petitioner for One Time Settlement of the outstandings and also to let the petitioner pay off the same to exclude distress action. An order was issued on 12-12-2008 directing the petitioner to remit an amount of Rupees one crore in two instalments and to the respondents to consider the request for waiver of interest etc. Thereafter, the respondents rejected the offer made by the petitioner. In the counter affidavit to I.A.No.6791 of 2008, it is stated that even applying the guidelines for settlement, the outstandings will be Rs.9,11,25,999/- (Nine crores eleven lakhs twenty-five thousand nine hundred and ninety-nine). On a rough estimate, the same would WPC5036/2008 -:2:- be apparently equivalent to or even more than the outstandings that would have accrued by this time, going by Ext.P3 notice issued in December, 2002 by the Recovery Officer of the Debts Recovery Tribunal. Under such circumstances, I do not find any ground to issue any direction to the respondents. Writ petition fails. It is accordingly dismissed. The amounts paid by the petitioner on the basis of the interim order will be given appropriate credit to while determining the remaining outstandings. Thottathil B.Radhakrishnan, Judge. sl.15.7.