IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN MONDAY, THE 10TH MARCH 2008 / 20TH PHALGUNA 1929 WP(C).No. 7261 of 2008(M) ------------------------- OA.179/2002 of DEBT RECOVERY TRIBUNAL, ERNAKULAM .................... PETITIONER: ------------------- 1. SMT.G.SARASWATHY AMMA W/O. LATE C.K.VELAHUDHAN, MAHIMA BHAVAN VMC-XVI,VAIKOM. 2. MAHESH C.V. S/O.LATE C.K.VELAHUDHAN, MAHIMA BHAVAN VMC-XVI,VAIKOM. BY ADV. SRI.BECHU KURIAN THOMAS SRI.PAUL JACOB (P) RESPONDENTS: ---------------------- 1. CATHOLIC SYRIAN BANK LTD. THRISSUR, REPRESENTED BY ITS REGIONAL MANAGER. 2. THE MANAGER CATHOLIC SYRIAN BANK LTD.VAIKOM BRANCH,VAIKOM. 3. DEBTS RECOVERY OFFICER DEBTS RECOVERY TRIBUNAL,(KERALA AND LAKSHADWEEP KHSB BUILDING, PANAMPILLY NAGAR,COCHIN 36. R1 & R2 BY ADV.SRI.K.ANAND. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 10/03/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Thottathil B. Radhakrishnan, J. ================================== W.P.(C)No.7261 of 2008 ================================== Dated this the 10th day of March, 2008. JUDGMENT First petitioner was the third defendant in a suit filed in 1996 on account of a loan availed by her husband. Her mother-in-law was the second defendant. That suit was decreed. No amount was realised. The accruals were subject-matter of proceedings before the Debts Recovery Tribunal. Recovery certificate has been issued. That has become final. 2. The transaction is one where in 1992 it became an NPA. With the passage of time, as of now, the accruals are around Rs.20 lakhs and the hypotheca is brought to sale. Petitioners seek an order of stay of sale and for a direction to the Bank to consider one time settlement. WPC7261/2008 -:2:- 3. Applying the decision of the Apex Court in Oriental Bank of Commerce v. Sunder Lal Jain and another (2008 (2) SCC 280), this Court would not be justified in issuing an order of stay nor could the Bank be compelled to apply any One Time Settlement Scheme. Under such circumstances, this writ petition is disposed of directing that if the Bank is satisfied that the petitioners have proved bona fides by depositing an amount of Rs.10 lakhs within a period of two weeks, the Bank will take appropriate decision, on any request of the petitioners for waiver of any portion of the outstandings within a further period of two weeks. If such deposit is made the Bank will consider the request within a period of further two weeks. Thottathil B.Radhakrishnan, sl. Judge.