IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN FRIDAY, THE 5TH DECEMBER 2008 / 14TH AGRAHAYANA 1930 WP(C).No. 34800 of 2008(P) --------------------------------------- PETITIONER(S): ------------------------ M.A.THOMAS, (AUGUSTINE THOMAS), AGED 63 S/O.AUGUSTINE, MALLAKUNNEL HOUSE, RAMAPURAM BAZAR P.O., KOTTAYAM - 686 576. BY ADV. SRI.JOHNSON MANAYANI RESPONDENT(S): -------------------------- 1. STATE BANK OF TRAVANCORE, BRANCH OFFICE AT RAMAPURAM RAMAPURAM P.O., KOTTAYAM DIST. (STATE BANK OF TRAVANCORE REP. BY ITS BRANCH MANAGER, RAMAPURAM, RAMAPURAM P.O) 2. CHIEF MANAGER (ADVANCES)/AUTHORISED OFFICER, STATE BANK OF TRAVANCORE REGION-III, ZONAL OFFICE, KOTTAYAM - 686 002. 3. DISTRICT INDUSTRIES CENTRE, KOTTAYAM, REP. BY ITS GENERAL MANAGER. 4. THE DISTRICT LEVEL REHABILITATION COMMITTEE REP. BY ITS CHAIRMAN, DISTRICT COLLECTOR, COLLECTORATE, KOTTAYAM. 5. STATE OF KERALA, REP. BY ITS CHIEF SECRETARY, SECRETARIAT, TRIVANDRUM. ADV. SRI.M.PATHROSE MATTHAI (SR.) FOR R1 & 2 SRI.SAJI VARGHESE SC., FOR R1 BY GOVERNMENT PLEADER SRI.K.C.SANTHOSH KUMAR FOR R3 TO R5 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 05/12/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss THOTTATHIL B. RADHAKRISHNAN, J. = = = = = = = = = = = = = = = = = = = = = = = = W.P.(C).No.34800 of 2008-P = = = = = = = = = = = = = = = = = = = = = = = = Dated this the 5th day of December, 2008. JUDGMENT 1.The petitioner is facing proceedings under the SARFAESI Act on account of failure to repay a loan availed by him. According to him, he is entitled to certain provisions by way of rehabilitation through the DIC and certain ameliorative measures by which the establishment could be treated as sick and entitled to aid for rejuvenation. Materials on record disclose that there were meetings at the level of the DIC and DLRC. As of now, the bank has made an offer to the petitioner to consider a request for one time settlement. This means that the petitioner has to make a fresh application for one time settlement and on consideration, he will have to abide by the terms fixed by the bank for availing such facility. On his paying the initial amounts for WP(C)34800/08 -: 2 :- the one time settlement after accepting the terms thereof, the bank would also consider the petitioner’s request for issuing a no objection certificate for him to have his request before the DIC and DLRC processed to enable him to have his unit treated as one entitled to certain aid by ameliorative measures treating his unit as a sick one. For the aforesaid reasons, preserving all contentions of the petitioner and of the bank, this writ petition is ordered directing that if the petitioner makes his written application for one time settlement within two weeks from now, the bank will consider the same and intimate him the terms on which it could be created upon. Thereupon, the petitioner would pay the amounts in terms of the one time settlement scheme and on payment of the initial remittance due in terms thereof, the bank will consider issuance of NOC also. Coercive steps will stand deferred for one month for the petitioner to work out what is WP(C)34800/08 -: 3 :- stated above. If the petitioner does not make his written application for one time settlement or abide by the terms offered by the bank for one time settlement, the bank will be at liberty to forthwith proceed with the distress action. THOTTATHIL B. RADHAKRISHNAN, JUDGE. Sha/