IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC THURSDAY, THE 26TH FEBRUARY 2009 / 7TH PHALGUNA 1930 WP(C).No. 4298 of 2009(J) ------------------------- PETITIONER(S): --------------- M.RAMACHANDRAN, AGED 64 YEARS, S/O. GOPALAN, GOPALA MANDIRAM, PROPRITOR, M/S REJU COFFEE FLOUR AND OIL MILL, VADUVANCHAL, WAYANAD DIST. BY ADV. SRI.P.V.GEORGE(PUTHIYIDAM) RESPONDENT(S): --------------- KERALA FINANCIAL CORPORATION, REPRESENTED BY BRANCH MANAGER, BRANCH OFFICE IST FLOOR, TRIDENT ARCADE, PINANGODE ROAD, KALPETTA, WAYANAD. ADV. SRI.K.JAJU BABU,SC,KERALA FINANCIAL COR THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 26/02/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. ------------------------- W.P.(C.) No.4298 of 2009 --------------------------------- Dated, this the 26th day of February, 2009 J U D G M E N T The petitioner has availed of a term loan of Rs.4 lakhs and a working capital loan of Rs.1.72 lakhs from the respondent during the year 1992-93. It is stated that default was committed and as at present, including the interest, about Rs.18 lakhs is due. In this writ petition, what the petitioner seeks is to quash Ext.P5 and to direct the respondent to dispose of Ext.P4 representation made by him. 2. Ext.P5 referred to above is a notice issued by the respondent Corporation invoking the powers under Section 29 of the State Financial Corporations Act. Admittedly, the amount is due from the petitioner, and if that be so, I cannot find fault with the steps that the respondent has taken for realisation of its dues. 3. Going by the statement filed by the standing counsel for the Corporation, it would appear that in March, 2008 the petitioner was granted an opportunity to settle the liability extending the benefit of One Time Settlement by paying Rs.12.55 lakhs. The amount ought to have been remitted before 20/03/2008. However, WP(C) No.4298/2009 -2- the petitioner remitted only Rs.3 lakhs and therefore, according to the respondent, the OTS offered was recalled. 4. Although, the petitioner has sought consideration of Ext.P4 representation made by him, where he is seeking enlargement of time for making payment, during the course of hearing, the learned counsel for the petitioner submits that if he is given time till 31/03/2009, he is willing to pay the balance OTS amount along with default interest till the date of payment. This offer has been accepted by the respondent's counsel and therefore, I direct the petitioner to make payment of Rs.9.55 lakhs, the balance OTS amount, with default interest from 20/03/2008 till the date of payment. Payment shall be before 31/03/2009. The writ petition is disposed of as above. (ANTONY DOMINIC, JUDGE) jg