IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 6TH JULY 2011 / 15TH ASHADHA 1933 WP(C).No. 8463 of 2011(G) ------------------------------------- PETITIONERS: --------------------- 1. K.KRISHNAN, S/O. KANDELAN, THOTTASSERY HOUSE, NALLEPPILLY, PALAKKAD-678 553. 2. JAYAPRAKASH, S/O. K.KRISHNAN, THOTTASSERY HOUSE, NALLEPILLY,PALAKKAD-678 553. BY ADV. SRI.T.K.SANDEEP. RESPONDENTS: ------------------------ 1. S.SHAJAHAN, S/O. SAIDU MOHAMMED, 1/240, INDIRA NAGAR, NEAR CHENTHAMARA THEATRE, THATTAMANGALAM, PALAKKAD-678 541. 2. MANAGER, INDIAN BANK, PUDUNAGARAM BRANCH, PALAKKAD DISTRICT-678 503. 3. AUTHORISED OFFICER/CHIEF MANAGER, INDIAN BANK, ZONAL OFFICE, PULLEPPADY JUNCTION, CHITTOOR ROAD, ERNAKULAM-682 035. R2 & R3 BY SRI. S. EASWARAN, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/07/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C). NO.8463/2011-G: APPENDIX PETITIONERS' EXHIBITS: EXT.P.1: COPY OF THE RECEIPT DTD. 31/12/2010 EVIDENCING REMITTANCE OF RS.50,000/-. EXT.P.2: COPY OF THE NOTICE OF SALE DTD. 12/02/2011. RESPONDENTS' EXHIBITS: NIL. //TRUE COPY// P.S. TO JUDGE. Prv. S. SIRI JAGAN, J. ........................................... W.P.(C).NO.8463 OF 2011 ............................................. Dated this the 6th day of July, 2011. The petitioners are defaulters in repayment of loan amounts due from them to the 2nd respondent Bank. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek time to pay off the amounts. The petitioners also seek a direction to the Bank to consider the petitioners’ claim for one time settlement. 2. This is opposed by the counsel for the Bank. This Court has passed the following interim orders in this writ petition: on 17.3.2011 Standing counsel for respondents 2 and 3 is directed to get instruction. Meanwhile confirmation of sale if any, takes place on the basis of Ext.P2 shall be kept in abeyance, subject to condition of the petitioners remitting a sum of Rs.1,00,000/= (one lakh) within two weeks from today. It is also made clear that the petitioners will be at liberty to approach the respondent bank seeking one time settlement in the meanwhile. W.P.(C).NO.8463 OF 2011 : 2 : on 6.4.2011 “It is submitted by the learned counsel for the petitioners that the amount stipulated could not be paid due to the financial year ending on 31.3.2011 since the Bank was not in a position to accept the amount. Learned counsel for the respondent Bank disputes the above submission. However, petitioners are given liberty to make payment of the amount of Rs.1,00,000/= (one lakh) stipulated in the order dated 17.3.2011 on or before 11.4.2011. Interim order will continue for a further period of two months subject to condition of the petitioners remitting a further sum of Rs.1,00,000/= (one lakh) in two equal monthly instalments falling due on or before 3.4.2011 and on or before 30.5.2011”. on 2.6.2011 It is submitted that out of the amount of Rs. One lakh directed to be paid in two equal instalments on or before 30.4.2011 and on or before 30.5.2011, the petitioners had remitted the first instalment of Rs.50,000/= and a further sum of Rs.23,000/=. They seek extension of time for payment of the balance amount of Rs.27,000/=. Time for payment of the balance amount as requested is extended till 15.6.2011. and on 28.6.2011 W.P.(C).NO.8463 OF 2011 : 3 : “It is reported that the interim orders has been complied with in full. Counsel for the respondents seeks time to verify. Post on 6.7.2011. Interim order will continue till then.” 3. It is now admitted by both sides that the petitioners have complied with the conditions of the interim orders. In the above circumstances, I direct the 2nd respondent to permit the petitioners to pay off the balance amount in four equal monthly instalments starting from 1.8.2011. Subsequent instalments shall be paid on the first working day of every succeeding month. If the petitioners pay the instalments on due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioners commit default in payment of any one of the instalments, it would be open to the 2nd respondent Bank to continue the proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. The petitioners may approach the Bank for benefits of OTS scheme, if one is available and for reduction in interest which the Bank may consider in accordance with W.P.(C).NO.8463 OF 2011 : 4 : the norms and policies of the Bank. Sd/= S. SIRI JAGAN, JUDGE. /true copy/ P.S. to Judge. cl