IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC FRIDAY, THE 13TH FEBRUARY 2009 / 24TH MAGHA 1930 WP(C).No. 4542 of 2009(N) --------------------------------- PETITIONER(S): ------------------- P.R.NARAYANA PILLA PROPRIETOR, SREYAS PLASTIC INDUSTRIES SARADA BHAVANAM, KURATHIKAD PO,MAVELIKARA. BY ADV. SRI.GEORGE VARGHESE(PERUMPALLIKUTTIYIL) SRI.A.R.DILEEP SMT.SURYA SASI RESPONDENT(S): ------------------- 1. STATE OF KERALA, REPRESENTED BY THE SECRETARY TO THE GOVERNMENT IN THE DEPARTMENT OF FINANCE,GOVERNMENT SECRETARIAT,THIRUVANANTHAPURAM. 2. KERALA FINANCIAL CORPORATION REGISTERED OFFICE THIRUVANANTHAPURAM REPRESENTED BY ITS MANAGING DIRECTOR. 3. BRANCH MANAGER ALAPPUZHA BRANCH, KERALA FINANCIAL CORPORATION ALAPPUZHA. GOVT.PLEADER SRI.P.N.SANTHOSH SRI.S.SREEKUMAR, SC, KFC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 13/02/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. ============== W.P.(C) NO. 4542 OF 2009 (N) ==================== Dated this the 13th day of February, 2009 J U D G M E N T Petitioner had availed of a loan of Rs.5 lakhs from the 3rd respondent offering 5 cents of land with an industrial unit as security. Default was committed and finally proceedings have been initiated under Section 29 of the State Financial Corporations Act. It is at that stage, writ petition has been filed praying that the respondents be directed to desist from taking physical possession of the industrial unit pursuant to Ext.P7 notice. 2. Standing counsel on instruction submits that they had examined whether the petitioner was eligible for One Time Settlement Scheme and that a decision was taken rejecting such a proposal. 3. Admittedly, default has been committed and money is due to the respondents. If that be so, statutorily and contractually respondents are entitled to initiate proceedings against the petitioner and that cannot be faulted. 4. Irrespective of this, having regard to the submissions made at the bar, I feel an opportunity should be given to the petitioner to settle the liability and salvage the industrial unit. 5. Therefore, I dispose of this writ petition with the following WPC 4542/09 :2 : directions. (1) Out of Rs.5,22,937/- due as on 1/10/2008, it is directed that within four weeks from today, petitioner shall remit an amount of Rs.2 lakhs with the 3rd respondent. (2) Once the remittance is made as above, it will be open to the petitioner to make a representation requesting the respondents to reconsider his claim for OTS scheme and on receipt thereof, the respondents shall reconsider the same keeping in abeyance all further proceedings pursuant Ext.P7. (3) Needless to say that if payment is not made as above, the Corporation will be free to continue the proceedings. ANTONY DOMINIC, JUDGE Rp