IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC WEDNESDAY, THE 11TH FEBRUARY 2009 / 22ND MAGHA 1930 WP(C).No. 4459 of 2009(E) ------------------------- PETITIONER(S): --------------- 1. T.ASHOKAN, M/S ANOOB BRICKS, ASHOK BHAVANAM, VALLIKKUNNAM P.O., MAVELIKKARA. 2. C. PRASANNA KUMARI, ASHOK BHAVANAM, VALLIKKUNNAM P O, MAVELIKKARA. BY ADV. MS.A.SALINI LAL RESPONDENT(S): --------------- 1. THE MANAGING DIRECTOR, KERALA FINANCIAL COPORATION, HEAD OFFICE, THIRUVANANTHAPURAM. 2. THE BRANCH MANAGER, KERALA FINANCIAL CORPORATION, KUMARANASAN SAMARAKA BUILDING, COURT ROAD- ALAPPUZHA -1. MR.S.SREEKUMAR, SC FOR R1 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 11/02/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. ------------------------- W.P.(C.) No.4459 of 2009 --------------------------------- Dated, this the 11th day of February, 2009 J U D G M E N T Heard both sides. 2. The petitioners availed of a loan of Rs.8,82,000/- for establishing a brick manufacturing unit known as “Anoob Bricks Industries”. Although, the petitioners say that they have repaid an amount of Rs.7 lakhs, going by the materials produced in the writ petition, it is seen that as on 02/02/2009, Rs.19,84,956/- was due. The amount was not paid, and therefore, the mortgaged assets have been taken over by the respondents. It is challenging this proceedings, the writ petition is filed. 3. Admittedly, default has been committed, and although, the petitioners have a case about the inaccuracy of the amount demanded, in the absence of any material, I am not in a position to agree with the learned counsel for the petitioners. Therefore, legally, the petitioners have not made out a case for interference. 4. Be that as it may, in view of the earnest efforts shown by the petitioners to discharge the liability, I feel, it is only appropriate WP(C) No.4459/2009 -2- that the property is returned to the petitioners subject to conditions. Accordingly, the writ petition is disposed of with the following directions. (1) That before 28/02/2009, the petitioners shall pay 1/3rd of the amount due to the respondents. (2) On such payment, the Unit taken over, shall be returned to them. (3) The balance amount due shall be paid in 8 monthly instalments, the first of which shall be paid during the 1st week of April, 2009 and the subsequent instalments, during the 1st week of every succeeding months. (4) Within 10 days of payment of 1/3rd of the amount, the Corporation shall issue a statement of accounts showing the balance amount due. (5) This made clear that, if any default is committed by the petitioners, the respondents will be free to proceed against the petitioners in accordance with law. The writ petition is disposed of as above. (ANTONY DOMINIC, JUDGE) jg