IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE V.GIRI THURSDAY, THE 31ST JANUARY 2008 / 11TH MAGHA 1929 WP(C).No. 2946 of 2008(A) ------------------------- PETITIONER: ------------ ABDUL MAJEED HAJI T.P. S/O.ABDURAHIMAN KUTTY THUMBAN PARANBIL HOUSE PUDUPPADI VILLAGE, PUDUPPADI PO KOZHIKODE. BY ADV. SRI.SASTHAMANGALAM S. AJITHKUMAR SRI.SHAJIN S.HAMEED RESPONDENTS: ------------- 1. THE KERALA STATE FINANCIAL ENTERPRISES LTD.BHADRATHA,P.B.NO. 510,MUSEUM ROAD, THRISSUR-20 2. THE BRANCH MANAGER THE KERALA STATE FINANCIAL ENTERPRISES LTD KALPATTA BRANCH, KALPATTA. 3. THE SPECIAL DEPUTY TAHSILDAR THE KERALA STATE FINANCIAL ENTERPRISES LTD KALLAI ROAD, KOZHIKODE. 4. P.P.PATHUMMA, NELLEKUNNAN HOUSE DOWN HILL,MALAPPURAM. BY ADV. SRI.M.L.SAJEEV,SC KSFE GOVERNMENT PLEADER SRI. MATHEW GEORGE VADAKKEL SRI.M.K.CHANDRAMOHAN DAS, SC, KSFE, LTD THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 31/01/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: V.GIRI, J ------------------- W.P.(C).2946/2008 -------------------- Dated this the 31st day of January, 2008 JUDGMENT In the course of providing guarantee for the fourth respondent, who had prized two chitties for Rs.6,00,000/-, petitioner had mortgaged 51 cents of property in Puduppadi village as a security for re-payment of the loan. Apparently, there has been considerable default in the re- payment of the loan. It further seems that the petitioner, who was independently a subscriber to the chitty for an amount of Rs.6,00,000/-, had kept the amount in deposit with the Financial Enterprises. Recovery steps have now been initiated as against the mortgaged property which is proposed to be brought to sale on 7.2.2008 as evidenced by Exts.P1 and P2. In the circumstances, petitioner has approached this Court. 2. Learned Standing Counsel, on instructions, submits that an amount of Rs.11,34,000/- (approximate) is due from the fourth respondent, as on date and therefore, sale of the mortgaged property seems inevitable. He W.P.(C).2946/2007 2 further submits that if there is a proper application by the principal debtor along with the surety for consideration of their case under the One Time Settlement scheme, the respondent is ready and willing to consider the same. Submission is recorded. 3. In the result, writ petition is disposed of permitting the petitioner, along with the fourth respondent, to approach the first respondent, KSFE, under the One Time Settlement scheme. If an application on this behalf is filed in accordance with the guidelines under the One Time Settlement scheme on or before 28.2.2008, same shall be considered and appropriate decision taken thereon and communicated it to the parties on or before 31.3.2008. Applicants under the One Time Settlement scheme shall be bound by the directions to pay the amount determined thereunder. 4. Further, sale in pursuance of Exts.P1 and P2 shall be kept in abeyance for a period of three months W.P.(C).2946/2007 3 provided the petitioner along with the fourth respondent or otherwise, remits an amount of Rs.2,00,000/- on or before 28.2.2008. V.GIRI, Judge mrcs