IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC MONDAY, THE 12TH JANUARY 2009 / 22ND POUSHA 1930 WP(C).No. 1007 of 2009(T) ------------------------- PETITIONER(S): --------------- BEENA M.P., W/O.LATE DR.P.D.SREEDHARAN, MANIYALIL HOUSE, RAYONPURAM P.O. PERUMBAVOOR, ERNAKULAM DISTRICT. BY ADV. SMT.JAYASREE MANOJ RESPONDENT(S): --------------- KERALA FINANCIAL CORPORATION, BRANCH OFFICE, FIRST FLOOR, FINANCE TOWER, KALOOR, KOCHI-682 017 REPRESENTED BY ITS CHIEF MANAGER. ADV. SRI.M.M.SAYED MUHAMMED, SC, KFC FOR R1 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 12/01/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC,J. ----------------------- W.P.(C).No.1007 OF 2009 ------------------------ Dated this the 12th day of January, 2009. JUDGMENT Petitioner is a defaulter to the respondent. Exts.P5 and P6 show that the property is kept for sale and the sale is to take place tomorrow. It was at that stage, the writ petition is filed. 2. Referring to Ext.P3, counsel for the petitioner contends that, his application for one time settlement by paying Rs.60 lakhs was accepted by the Corporation and that though belatedly, she is still willing to discharge the OTS amount, if reasonable time is granted. 3. I heard the standing counsel appearing for the respondent. He points out that the petitioner was a chronic defaulter and that several chances were given to her to discharge the liability. It is also his submission that although more than one crore thirty lakhs was due, the WP(c).NO.1007/2009 2 Corporation offered to settle the liability by accepting Rs.60 lakhs and according to him that opportunity was also not utilized by the petitioner. 4. Heard the counsel on both sides. I am satisfied that the Corporation cannot be faulted for having issued Exts.P5 and P6. Ext.P3 itself shows that the Corporation gave substantial reduction and despite that opportunity, the amount was not paid. It was therefore that they have taken steps for the sale of the property. However, having regard to the fact that the petitioner genuinely deserves to salvage the mortgaged property from a distress sale, I issue the following directions. I. Within ten days from today, the petitioner shall pay Rs.15 lakhs to the respondent and subject to such condition, the sale which is scheduled to take place by Ext.P6 shall be adjourned. ii. It is also directed that along with such payment, it will be open to the petitioner to make a representation to the WP(c).NO.1007/2009 3 respondent offering to pay the balance OTS amount along with interest for the delayed amount. It is directed that if such a representation is made, the respondent shall consider the same and pass appropriate orders. iii. Though it will be open to the respondent to accept the tenders, further proceedings shall be stayed in the meanwhile. Needless to say that, if the payment is not made as above, it will be open to the respondent to proceed in accordance with law. (ANTONY DOMINIC) JUDGE vi/ WP(c).NO.1007/2009 4