IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC TUESDAY, THE 20TH JANUARY 2009 / 30TH POUSHA 1930 WP(C).No. 1702 of 2009(C) ------------------------- PETITIONER: -------------- PARAT POLMER EXTRUSIONS PRIVATE LIMITED, VALAMPUR, PATTIMATTOM.P.O, EERNAKULAM DISTRICT, REPRESENTED BY ITS MANAGING DIRECTOR, MR. A. VINOD. BY ADV. SRI.SHAJI CHIRAYATH SMT.JIJI M. VARKEY RESPONDENTS: ----------------- 1. KERALA FINANCIAL CORPORATION, VELLAYAMBALAM, THIRUVANANTHAPURAM, PIN - 695 033, REPRESENTED BY ITS MANAGING DIRECTOR. 2. BRANCH MANAGER, KERALA FINANCIAL CORPORATION, BRANCH OFFICE, SNDP BUILDING, P.P ROAD, PERUMBAVOOR, ERNAKULAM - 683 542. 3. AUTHORISED OFFICER/DEPUTY TAHSILDAR(RR) KERALA FINANCIAL CORPORATION, FINANCE TOWERS, KALOOR, ERNAKULAM, PIN - 682 017. R1 & R2 BY SRI.K. JAJU BABU, SC. R3 BY GOVTERNMENT PLEADER, SMT.M.R. SREELATHA THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 20/01/2009,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - W.P(C).No. 1702 OF 2009 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Dated this the 20th day of January, 2009 JUDGMENT The petitioner was a defaulter to the respondent. From the statement filed by the respondent it would appear that waiving Rs.1,23,54,000/- the Corporation agreed to settle the liability of the petitioner, accepting Rs.1,10,00,000/- on condition that the same is paid before 28.02.08. Petitioner has so far paid Rs.72,10,000/- and for paying the balance, he seeks time till 28.02.09. 2. The Corporation is objecting to the request made by the petitioner not only pointing out the fact that they had sacrificed more than Rs.123 lakhs, on condition that the OTS amount is paid before 28.02.08, but also pointing out that the establishment of the petitioner is a running one and is making profit. Whatever that be, the fact remains that a substantial portion of the amount has already been paid. Since the petitioner has proved his bonafides, I feel that the petitioner should be given time till 28.02.09 for settling the liability. However, the same can be only on condition that for the outstanding amount the petitioner should pay W.P.C.No. 1702 OF 2009 -:2:- default interest for the period from 01.03.08 till 28.02.09. Therefore, the writ petition is disposed of directing the petitioner to pay the balance OTS amount before 28.02.2009 along with default interest on the amount due, for the period from 01.03.2008 till date of payment. It is made clear that if payment is not made, the respondent will be free to proceed against the petitioner in accordance with law. (ANTONY DOMINIC, JUDGE) ttb