IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HON'BLE THE CHIEF JUSTICE MR.S.R.BANNURMATH & THE HONOURABLE MR. JUSTICE KURIAN JOSEPH THURSDAY, THE 26TH MARCH 2009 / 5TH CHAITHRA 1931 WA.No. 728 of 2009() -------------------- AGAINST THE JUDGEMENT/ORDER IN WPC.7554/2009 Dated 11/03/2009 .................... APPELLANT(S): PETITIONER: ------------------------- P.N.THANKAPPAN, S/O.NARAYANAN, AGED 60 YEARS, PROPORIETOR M/S.P.N.T.CEMENT INDUSTRIES, VELLORKARA, KARIMUGAL, PUTHENCRUZ P.O., ERNAKULAM DISTRICT. BY ADV. SRI.PAUL K.VARGHESE RESPONDENT(S): --------------- 1. STATE BANK OF INDIA (SARC) R.S.BUILDINGS, (ABOVE SSI BRANCH) M.G.ROAD, ERNAKULAM-11, REPRESENTED BY CHIEF MANAGER. 2. STATE BANK OF INDIA, AMBALAMEDU BRANCH, REPRESENTED BY BRANCH MANAGER. ADV.SRI.V.B.HARI NARAYANAN. THIS WRIT APPEAL HAVING COME UP FOR ADMISSION ON 26/03/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.R.BANNURMATH, C.J. & KURIAN JOSEPH, J. ---------------------------------------------- W.A. No.728 of 2009 ---------------------------------------------- Dated 26th March, 2009. J U D G M E N T Kurian Joseph, J. Appellant is the petitioner in the writ petition. He is aggrieved since he is unable to settle the dues towards the respondent Bank. It is brought to our notice that apart from the 30 cents of property of the appellant, another 30 cents of property of the surety has also been mortgaged to the Bank, by depositing the title deeds. The outstanding liability is around Rs.13 lakhs. It is submitted by the appellant that around 10 cents of property would be more than sufficient to meet the liability. It is further submitted that if a portion of the property is released, the appellant will be in a position to create funds either by sale or by pledging the same with another financial institution. It is certainly open to the petitioner to approach the Bank and make the arrangement through the intervention and permission of the Bank also. In case such a permission is sought, since the idea is only to settle the dues to the Bank, the Bank need not have any objection also. Therefore, we make it clear that it will be open to the petitioner to approach the Bank for any sort of private WA NO.728/09 2 arrangement for creating the funds sufficient to liquidate the liability towards the Bank, in which case, the required action will be taken by the Bank. In order to enable the petitioner to work out the relief as above, the proceedings for sale will be deferred for a period of two months. We further make it clear that the request of the petitioner for settlement of the dues under the One Time Settlement Scheme will also be considered by the Bank in the process referred to above. The Writ Appeal is disposed of as above. S.R.BANNURMATH, Chief Justice. KURIAN JOSEPH, Judge. tgs S.R.BANNURMATH, C. J. & KURIAN JOSEPH, J. ---------------------------------------------- W.A. No.728 of 2009 ---------------------------------------------- J U D G M E N T Dated 26th March, 2009.