IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR FRIDAY, THE 8TH DECEMBER 2006 / 17TH AGRAHAYANA 1928 WP(C).No. 32717 of 2006(T) -------------------------- PETITIONER: ------------ M/S.FOCUS INFOTAINMENTS P.B.NO.5710, HOTEL SILVER SAND COMPLEX, THIRUVANANTHAPURAM, REPRESENTED BY ITS PROPRIETOR, GOPAKUMAR B. NAIR. BY ADV. SRI.D.KISHORE RESPONDENTS: ------------- 1. THE INDIAN OVERSEAS BANK, THIRUVANANTHAPURAM REPRESENTED BY ITS SENIOR MANAGER, PRASANTH BUILDINGS KARAMANA P.O., KILLIPALAM, THIRUVANANTHAPURAM. 2. THE MANAGER, INDIAN OVERSEAS BANK KILLIPALAM BRANCH, THIRUVANANTHAPURAM. BY ADV. SRI.P.B.SURESH KUMAR, SC,I.O.BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 08/12/2006, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.N.RAMACHANDRAN NAIR, J. .................................................................... W.P.(C) No.32717 of 2006 .................................................................... Dated this the 8th day of December, 2006. JUDGMENT Heard counsel for the petitioner and Standing Counsel appearing for respondents. The petitioner was granted OTS benefit by the Bank vide Ext.P4 on various conditions. However, on account of non-payment in accordance with the schedule of payment, the Bank has forfeited the OTS benefit. Obviously the Bank is justified in recalling OTS benefit as petitioner committed default. However, since the petitioner had time till August 2006 to settle full liability and in view of the undertaking by the petitioner to clear the entire liability under OTS scheme granted by the Bank with future interest before the end of this financial year, I feel one more opportunity can be granted on conditions. In the circumstances, there will be direction to the respondents not to proceed with sale of the property if petitioner remits rupees five lakhs atleast one day before the date of sale. Thereafter the respondents will give facility to the petitioner to pay the balance amount in instalments after discussion with the petitioner so that full OTS amount with interest at the rate demanded by the Bank for the delayed payment is made by the petitioner before 31.3.2007. If petitioner commits default in payment of the abovesaid Rs.5 lakhs or any instalment in terms of the rescheduled scheme of payment granted by the Bank, then there will be direction to the petitioner to hand over the mortgaged properties free of possession to the Bank, failing which the 2 Bank can move this court for initiating contempt against petitioner as W.P. is disposed of based on undertaking by the petitioner. W.P. is disposed of as above. C.N.RAMACHANDRAN NAIR Judge pms