IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC TUESDAY, THE 13TH JANUARY 2009 / 23RD POUSHA 1930 WP(C).No. 780 of 2009(P) ------------------------ PETITIONER(S): --------------- AHAMMED THAYYIL S/O.THAYYIL MOHAMMED HAJI, THAYYIL HOUSE THUVVUR PO, MALAPPURAM DISTRICT BY ADV. SRI.G.MOHAN RESPONDENT(S): --------------- INDIAN OVERSEAS BANK,REP. BY ITS MANAGER, PANDIKKAD ROAD, MANJERI. ADV. SRI.P.B.SURESH KUMAR, SC,I.O.BANK FOR R1 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 13/01/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC,J. ----------------------- W.P.(C).No. 780 OF 2009 ------------------------ Dated this the 13th day of January, 2009. JUDGMENT Petitioner submits that his brother had availed a loan from the respondents for starting a commercial venture. Towards its security, his father had offered certain immovable properties. The venture of the brother went into loss and his father also expired on September, 2007. Petitioner submits that, being the eldest member of the family, he wanted to save the property and also to bail out his brother from his liabilities. 2. According to the petitioner with that motive he made an application to the bank offering to settle the liability under One Time Settlement Scheme and the offer was accepted and the bank agreed to settle the liability by accepting Rs.10 lakhs provided payment is made before 31.8.2005. WP(c).No.780/09 2 3. Petitioner submits that although the offer made by the bank was a favorable one, still on account of reasons which were beyond his control, he could not discharge the liabilities to the Bank. At this stage the petitioner has filed this writ petition praying that the Bank be directed to give 6 months time to pay the amount and thus discharge the liability. 4. When the matter came up for admission before this court on 9.1.2009, counsel sought an instalment facility to pay the amount and thereupon the Standing Counsel for the Bank submits that the Bank is still willing to permit the petitioner to settle the liability for the OTS amount of Rs.10 lakhs provided the petitioner pays Rs.10 lakhs with interest for the delay caused. It is also stated that the petitioner should pay at least 2 lakhs before the end of this month and balance in instalments and thus liquidate the entire liability before 31.5.2009. 5. I heard the counsel for the petitioner and the Standing Counsel for the Bank. On hearing both sides it is obvious that WP(c).No.780/09 3 the petitioner is also in financial distress. Having regard to the fact that the petitioner bona fide intends to discharge the liability, I dispose of the writ petition with the following directions. 6. Petitioner shall pay to the respondent an amount of Rs.2 lakhs before 31.1.2009. The balance amount due including interest, shall be paid by the petitioner in four equal monthly instalments payable on or before the end every succeeding month. Needless to say that, in case there any defaults committed in paying anyone of the instalments the Bank will be free to proceed against the petitioner in accordance with law. (ANTONY DOMINIC) JUDGE vi/ WP(c).No.780/09 4