IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC WEDNESDAY, THE 27TH AUGUST 2008 / 5TH BHADRA 1930 WP(C).No. 8038 of 2008(F) ------------------------- PETITIONERS: ---------------- 1. K. RAJAN, NAVANEETHAM, KIZHAKKEKARA, KOTTARAKKARA, KOLLAM. 2. JAYA RAJAN SHAN, NAVANEETHAM, KIZHAKKEKARA, KOTTARAKKARA, KOLLAM. BY ADV. SRI.K.SUBASH CHANDRA BOSE RESPONDENT: ---------------- CHIEF MANAGER, STATE BANK OF TRAVANCORE, KOTTARAKKARA MAIN BRANCH KOTTARAKKARA, KOLLAM. BY ADV. SRI.M.PATHROSE MATTHAI (SR.) SRI.SAJI VARGHESE, SC FOR BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27/08/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. =============== W.P.(C) NO. 8038 OF 2008 F ==================== Dated this the 27th day of August, 2008 J U D G M E N T Though in this writ petition the challenge raised is against the proceedings initiated by the Bank under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, what is requested by the petitioners is a direction to the Bank to give them an opportunity to settle the liability availing of the One Time Settlement Scheme of the Bank. 2. Counsel for the respondent confirms the availability of such a scheme and if that be so, I see no reason why the petitioners should not be permitted to apply for the same. Standing counsel also points out that in terms of the provisions of the scheme, in order to make an application, one should deposit 25% of the amount. If there is such a condition, necessarily the petitioners will have to comply with the same. 3. Therefore, the writ petition is disposed of directing that it will be open to the petitioners to make an application to the Assistant General Manager-5, Zonal Office of the respondent Bank at Trivandrum remitting amount of 25% as specified in the scheme. If such an application along WPC 8038/08 :2 : with the deposit of 25% as mentioned above, within ten days from today, the same shall be considered and orders shall be passed thereon, as expeditiously as possible, at any rate within 3 weeks thereafter. In order to enable the petitioners to avail of the benefit of One Time Settlement Scheme as above, it is directed that further proceedings pursuant to Exts.P5 and P6 will be kept in the meanwhile. It is clarified that in the event petitioners do not make a proper application for One Time Settlement Scheme, it will be open to the Bank to continue the proceedings. ANTONY DOMINIC, JUDGE Rp