IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE V.GIRI WEDNESDAY, THE 19TH NOVEMBER 2008 / 28TH KARTHIKA 1930 WP(C).No. 33524 of 2008(N) -------------------------- PETITIONER(S): --------------- C.J.EDWARD, AGED 78 YEARS, S/O.JOSEPH, CHERUKAD HOUSE, EDATHUA, ALAPPUZHA. BY ADV. SRI.R.SANTHOSH BABU RESPONDENT(S): --------------- 1. THE KERALA FINANCIAL CORPORATION, REPRESENTED BY ITS MANAGING DIRECTOR, HEAD OFFICE, VELLAYAMBALAM, THIRUVANANTHAPURAM. 2. THE BRANCH MANAGER, K.F.C.ALAPPUZHA. 3. SMT.THRESSIAMMA EDWARD, M/S.KUTTANADU LAKE RESORT, CHERUKAD HOUSE, EDATHUA, ALAPPUZHA. ADV. SRI.V.B.UNNIRAJ, SC, KFC FOR R1-2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19/11/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: V.GIRI, J ------------------- W.P.(C).33524/2008 -------------------- Dated this the 19th day of November, 2008 JUDGMENT Petitioner is a co-obligant for a loan availed by the third respondent from the KFC, for investment in a Tourist Hotel, Kuttanad. Though a One Time Settlement facility was granted earlier by the Corporation to close the loan account by accepting an amount of Rs.33 Lakhs in full and final settlement of the due and an extension till 30.10.2008 was also granted for payment of the amount, such amounts have admittedly not been paid. Later by Ext.P2, Corporation informed the borrower that OTS facility has been cancelled and required the payment of Rs.51,13,098/-. It is this that has been challenged in this writ petition. 2. Learned counsel for the petitioner submits that an amount of Rs.33 Lakhs + interest for the belated payment from 1.4.2008 shall be paid provided the petitioner is granted two months time in that regard. W.P.(C).33524/2008 2 3. In the facts and circumstances of the case, writ petition is disposed of directing respondents 1 and 2 to offer the petitioner and the third respondent time till 19.1.2009 for payment of Rs.33 Lakhs + interest on belated payment at the appropriate rate from 1.4.2008 till 19.1.2009. The amounts which have already been paid by the petitioner as per Exts.P3 and P4 shall be given credit to in determining the amount that has to be paid by the petitioner in complying with this direction. It is further made clear that the default on the part of the petitioner will entail a withdrawal of this facility and it will be open to the Corporation to take appropriate steps in accordance with law. V.GIRI, Judge mrcs