IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN THURSDAY, THE 11TH DECEMBER 2008 / 20TH AGRAHAYANA 1930 WP(C).No. 35641 of 2008(R) -------------------------- PETITIONER(S): --------------- R.GIREESH, PROPRIETOR, M/S. MEDIHAUXE INTERNATIONAL. T.C. NO.38/304, CHENTHITTA STREET, CHALI P.O.,THIRUVANANTHAPURAM. BY ADV. SRI.P.C.HARIDAS RESPONDENT(S): --------------- 1. UNION OF INDIA, REPRESENTED BY ITS SECRETARY TO THE DEPARTMENT OF FINANCE, GOVERNMENT SECRETARIAT, NEW DELHI. 2. THE CHIEF GENERAL MANAGER (ADVANCES) & AUTHORISED OFFICER STATE BANK OF TRAVANCORE REGION-1,ZONAL OFFICE SANTHINAGAR, THIRUVANANTHAPURAM. 3. STATE BANK OF TRAVANCORE THIRUVANANTHAPURAM, REPRESENTED BY ITS ASSISTANT GENERAL MANAGER, SBT,THIRUVANANTHAPURAM. 4. BRANH MANAGER, STATE BANK OF TRAVANCORE CHENTHITTA BRANCH, THIRUVANANTHAPURAM. ADDL.5. P.PARAMESWARAN NAIR, FLAT NO.H3, MRG SREESAI APARTMENT, DR.A.R.MENON ROAD, TRICHUR. 6. V.A.PADMANABHAN, T.C.NO.41/1507(2), 28/A CHITHRANAGAR, NEAR ATTUKAL TEMPLE, MANACAUD P.O. (ADDL.R5 & R6 IMPLEADED VIDE ORDER DATED 11.12.2008 ON I.A.NO.15650/08) R2 TO R4 BY ADV.SRI.K.S.DILIP, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 11/12/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B.RADHAKRISHNAN, J. ------------------------------------------- W.P(C).No.35641 OF 2008 ------------------------------------------- Dated this the 11th day of December, 2008 JUDGMENT Heard learned counsel for the petitioner and learned standing counsel for the bank. Notice to respondents 5 and 6 dispensed with, preserving their right to move for review of this judgment, if aggrieved. 2. The petitioner availed a loan, secured by valuable immovable properties, including a building. The total accruals on recalling the facility is around Rs.95 lakhs. The petitioner arranged a private purchaser, one Padmanabhan. Ext.P1 shows that the petitioner had requested the bank to release the document to Padmanabhan, if an amount of Rs.13 lakhs is paid, while it does not disclose that the bank had conceded to such an offer. It only says that the request containing Ext.P1 had been forwarded to the higher authorities. That by itself cannot tie down the bank to the request of the petitioner that Padmanabhan would pay an amount of Rs.13 lakhs and upon sch WPC.35641/08 Page numbers payment, document touching one item of property should be released. Whatever that be, as against the total accruals outstanding as of now, I do not deem it appropriate to yield to any request of the petitioner for direction to the bank to regularise the account. This is all the more so because even according to the petitioner, the business has virtually been closed down. The bank cannot be compelled to continue financial support to such an establishment. The request of the petitioner for facility to pay off the outstandings in instalments has also been rejected by the bank after institution of this writ petition. In the aforesaid circumstances, the only relief the petitioner could aspire is to seek for a breathing time to pay off the outstandings. Accordingly, this writ petition is ordered directing that if the petitioner remits the entire outstandings in three equal monthly instalments, payable on or before the 10th of every month commencing from January, 2009, distress action will be suspended and ultimately dropped. On payment of the WPC.35641/08 Page numbers first two instalments, the bank will consider any request of the petitioner for waiver of any portion of penalty or penal interest which could be found reasonable in its commercial wisdom. However, if there is default in remitting any of the instalments as aforesaid, the benefit of this judgment shall stand recalled automatically and distress action shall follow. All other reliefs and grounds rejected. Sd/- THOTTATHIL B.RADHAKRISHNAN, Judge. kkb.