IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 6TH JANUARY 2010 / 16TH POUSHA 1931 WP(C).No. 37647 of 2009(A) ---------------------------------------- PETITIONER(S): ------------------------- P.H.SHAJAHAN, AGED 46, S/O.HAMZA KUTTY RAWTHER, PUTHEN VEEDU, ERUMELI P.O., KOTTAYAM DISTRICT. BY ADV. MR.P.A.MOHAMMED SHAH RESPONDENT(S): --------------------------- 1. MANAGER, KOTTAYAM DISTRICT CO-OPERATIVE BANK LTD, ERUMELI BRANCH, ERUMELI, KOTTAYAM DISTRICT. 2. AUTHORIZED OFFICER (REGIONAL MANAGER), KOTTAYAM DISTRICT CO-OPERATIVE BANK LTD, DISTRICT CO-OPERATIVE BANK BUILDING, POST BOX NO.140, KOTTAYAM - 686 001. R1 & R2 BY ADV. MR. T.A.SHAJI, SC,KOTTAYAM DIST.CO.OP.BANK. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/01/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss P.R.RAMACHANDRA MENON, J ----------------------------- W.P(C) No. 37647 of 2009 -A ------------------------------ Dated this the 6th day of January, 2010. J U D G M E N T The petitioner is challenging the steps taken by the respondent bank, invoking the provisions under the SARFAESI Act. The learned counsel for the petitioner submits that the request made by the petitioner before the bank to extend the benefit of 'One Time Settlement' is not being acted upon, stating that there is no 'Scheme' as on date. It is also stated that hasty steps are going on, to take possession of the property and it will adversely affect the rights and interests of the petitioner and that he is ready and willing to clear the liability within a reasonable time. The learned counsel also submits that the Scheme for One Time Settlement is being finalized and is likely to be implemented in February 2010; on such event, the petitioner might be permitted to avail the benefit thereunder or else he will clear the entire liability before the 31st of March 2010. 2. Heard the learned counsel appearing for the bank as W.P(C) No. 37647 of 2009 -A 2 well; who submits that the liability as on date is above Rs.8,00,000/- and that unless and until the petitioner pays a the substantial portion of the liability, the request made by the petitioner is not liable to be considered. 3. In the above facts and circumstances, the petitioner is directed to deposit a sum of Rs.2,00,000/- on or before the 31st of this month. On satisfying the said amount, Ext.P3 application submitted by the petitioner shall be considered in the light of the One Time Settlement, if any notified and the balance outstanding shall be intimated to the petitioner; upon which, he shall satisfy the same on or before the 31st of March 2010. Subject to the above, coercive steps being pursued against the petitioner shall be kept in abeyance. If due to some other reason no such scheme is notified on or before 31.3.2010 the petitioner shall satisfy the entire outstanding liability, to be intimated by the bank, by way of 'four' equal monthly instalments; the first of which shall be effected on or before 30.4.2010; followed by similar instalments to be effected on or before the 30th of the succeeding months. The amount of Rs.2,00,000/- to be deposited by the petitioner pursuant to the direction given above, shall be kept by the bank in a 'suspense W.P(C) No. 37647 of 2009 -A 3 account' till the eligibility for 'One Time Settlement' is considered under the Scheme, if any notified before 31.3.2010. It is also made clear that, if the petitioner does not honour the commitment as above, the respondent bank will be at liberty to proceed against the petitioner for realization of the entire amount in a lump sum, from the stage where its stands now. The Writ Petition is disposed of. Sd/- P.R.RAMACHANDRA MENON JUDGE //True Copy// P.A to Judge ab