IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN TUESDAY, THE 17TH FEBRUARY 2009 / 28TH MAGHA 1930 WP(C).No. 4831 of 2009(A) ------------------------- PETITIONER(S): --------------- S.NAGAPPAN PILLAI 57 YEARS, S/O.LATE N.SANKARA PILLAI NAGENDU,IDAKKIDAM PO, EZHUKONE (VIA) KOLLAM DISTRICT. BY ADV. SRI.R.SURAJ KUMAR SMT.GEETHA P.MENON SRI.N.AJITH SRI.P.M.NEELAKANDAN RESPONDENT(S): --------------- 1. STATE OF KERALA REPRESENTED BY PRINCIPAL SECRETARY TO GOVT.KERALA DEPARTMENT OF CO-OPERATION, GOVERNMENT SECRETARIAT THIRUVANANTHAPURAM. 2. THE REGISTRAR OF CO-OPERATIVE SOCIETIES THIRUVANANTHAPURAM. 3. THE DEPUTY REGISTRAR (CREDIT) CO-OPERATIVE SOCIETIES, THIRUVANANTHAPURAM. 4. THE JOINT REGISTRAR (GENERAL) KOLLAM. 5. THE KERALA STATE CO-OPERATIVE BANK LTD REPRESENTED BY ITS GENERAL MANAGER CO-BANK TOWERS PALAYAM PO, THIRUVANANTHAPURAM. 6. THE AUTHORISED OFFICER REGIONAL MANAGER IN CHARGE KERALA STATE CO-OPERATIVE BANK LTD REGIONAL OFFICE, OVER BRIDGE,THIRUVANANTHAPURAM. 7. THE MANAGER (LOANS) KERALA STATE CO-OPERATIVE BANK LTD KOLLAM. 8. SMT.CHANDRAVALLY AMMA W/O. S.NAGAPPAN PILLAI, NAGENDU, EZHUKONE (VIA) KOLLAM DISTRICT. R1 TO R4 BY GOVP PLEADER SRI K C SANTHOSH KUMAR ADV. SRI.NAGARAJ NARAYANAN,SC,K.S.CO-OP BANK FOR R5 TO 7 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17/02/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B RADHAKRISHNAN, J ........................................... WP(C).NO. 4831 OF 2009 ............................................ DATED THIS THE 17TH DAY OF FEBRUARY, 2009 JUDGMENT Government Pleader appears for respondents 1 to 4. Standing Counsel Sri Nagaraj Narayan appears for respondents 5 to 7. Notice to 8th respondent dispensed with. Petitioner availed a mortgage loan from the 7th respondent. Later he retired from service. The repayment into the loan account was hardly around Rs.95,000/- against the loan of Rs.4.5 lakhs advanced from 14.1.2004. He was to repay that amount in 60 instalments of Rs.10,485/-. This means that he had paid less than ten instalments, even if I were to consider the amounts as paid promptly. Even then, from the beginning of 2005, he is in default. The bank, as per Ext.P11, offered One Time Settlement Scheme, asking the petitioner to avail the benefit of closing the transaction. The petitioner however says that he received Ext.P11 only on 31.1.2009 and has moved this court for relief, which is nothing but that One Time Settlement Scheme may be extended to him. He does not challenge SARFAESI Act proceedings and contends that his prayer is only one for an opportunity to save the property by paying off the entire amounts. Petitioner, through his counsel, gives up all the contentions challenging SARFAESI Act proceedings and also right to move Debt Recovery Tribunal under Section 17 of SARFAESI Act. WP(C) 4831/2009 2 Under such circumstances, it is ordered that if the petitioner remits an amount of Rs.1,00,000/- within a period of four weeks and a further amount of Rs.1,00,000/- within a further period of four weeks, the bank will consider extending to the petitioner, the benefit of One Time Settlement Scheme and the petitioner may be permitted to enjoy that scheme. The distress action under SARFAESI Act will stand adjourned in the above terms and regulated thereby. If the petitioner does not remit any of the instalments as aforesaid, or further amounts in terms of One Time Settlement Scheme as may be extended by the bank, the creditor bank will be entitled to further proceed with SARFAESI Act proceedings, from the stage at which it has reached, as if now. Writ petition ordered accordingly. THOTTATHIL B RADHAKRISHNAN, JUDGE lgk/19/2