IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC MONDAY, THE 20TH JULY 2009 / 29TH ASHADHA 1931 WP(C).No. 20268 of 2009(C) -------------------------- PETITIONER(S): --------------- LAKSHMIKANTHAN.N., LEKSHMI VILASAM, KARIMBALUR, PUTHENKULAM, KALLUVATHUKKAL, KOLLAM. BY ADV. SRI.S.SANTHOSH KUMAR RESPONDENT(S): --------------- 1. THE PARAVUR SNV.REGIONAL CO-OPERATIVE BANK LTD.NO.1685, PARAVUR, KOLLAM, REP.BY ITS SECRETARY. 2. THE ASSISTANT REGISTRAR OF CO-OPERATIVE SOCIETY ARBITRATOR CUM SALES OFFICER, PARAVUR SNV REGIONAL CO-OPERATIVE BANK LTD., KOLLAM. ADV. SRI.B.SURESH KUMAR FOR R1 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 20/07/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC,J. --------------------- W.P.(C).No.20268 OF 2009 ------------------------ Dated this the 20th day of July, 2009. JUDGMENT Admittedly, the petitioner is a defaulter to the respondent Bank. Arbitration proceedings were initiated and awards have been obtained by the Bank. Execution petitions have been filed and now demand notices have been issued. It is at this stage the writ petition is filed. 2. Although several contentions are raised, all that is sought for now is a direction to the respondent Bank to reduce the interest and also give the petitioner an opportunity to pay the amount due. 3. Standing counsel appearing for the Bank submits that up to 30.9.2001, as against the presently levied interest of 19.5%, the Bank can reduce the interest to 17.5%. It is also stated that for the period from 1.10.2001, interest can be reduced to 14%. It is stated that if the petitioner is willing to pay the amount due, the interest WP(c).No.20268/09 2 leviable will be reduced an order. 4. Having regard to the contentions raised by the petitioner and the aforesaid submission made by the Standing Counsel, the writ petition is disposed of as follows; Before 30th August, 2009, the petitioner shall pay Rs.1 lakh with the respondent Bank. It is directed that if the petitioner makes payment as above, Bank will quantify the liability of the petitioner applying reduced rate of interest and intimate him the balance liability. Once intimation is given as above, petitioner shall pay the liability so intimated in three equal monthly instalments. The instalments shall be paid on or before 20th of September, 2009, October, 2009 and November, 2009 respectively. Subject to payment, without default as above, coercive action against the properties shall not be initiated and in case default in any one of the instalments is committed, the Bank will be free to continue the proceedings already initiated. (ANTONY DOMINIC) JUDGE vi/ WP(c).No.20268/09 3