IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 6TH JANUARY 2010 / 16TH POUSHA 1931 WP(C).No. 33783 of 2009(P) -------------------------- PETITIONER: --------------- P.VARADARAJAN, S/O.PADMANABHAN, THONNADIL VEEDU, AVANAVANCHERRY, ATTINGAL, THIRUVANANTHAPURAM. BY ADV. SRI.M.DINESH RESPONDENTS: --------------- 1. SECRETARY, THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK, THIRUVANANTHAPURAM. 2. AUTHORIZED OFFICER, THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK, THIRUVANANTHAPURAM. 3. MANAGER, THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK, ATTINGAL, ATTINGAL. BY SRI.K.G.RADHAKRISHNAN - SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/01/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J ----------------------------- W.P(C) No. 33783 of 2009 -P ------------------------------ Dated this the 6th day of January, 2010. J U D G M E N T The petitioner had availed a loan of Rs.3,00,000/- from the respondent bank on 31.3.2004 in connection with his business. The petitioner made default in remitting the repayment of loan amount which made the bank to proceed with coercive steps under the SARFAESI Act. When the matter came up for consideration on 24.11.2009, the coercive steps were intercepted by this Court, on condition that the petitioner remitted a sum of Rs.50,000/- within one month and subsequently the interim stay was extended as per order dated 23.12.2009. 2. The learned counsel for the petitioner submits that he has already complied with the direction and that his application as borne by Ext.P4, to have the benefit of 'One Time Settlement' might be directed to be considered, so as to enable him to clear the liability thereunder. 3. The learned counsel appearing for the bank submits that the scheme of One Time Settlement is not in existence as on date W.P(C) No. 33783 of 2009 -P 2 and that discussions are going on to have it brought about; simultaneously adding that if at all any provision is made to provide One Time Settlement in the near future, the benefit of the same could be extended to the petitioner as well. 4. In the above facts and circumstances, the petitioner is directed to clear the outstanding liability by way of equal monthly instalements to be effected at the rate of Rs.50,000/- pending the above proposal. The first instalment shall be effected on or before 10.2.2010, to be followed by similar instalements to be effected in the succeeding months. It is also made clear that, if the respondent bank implements any One Time Settlement, in the meanwhile, Ext.P4 representation preferred by the petitioner seeking for the said benefit shall be considered and appropriate orders shall be passed thereon and the payment effected by the petitioner pursuant to the orders/verdict passed by this Court will be given due credit to the liability to be fixed under the 'OTS'. Subject to the above, all the coercive steps stated as being taken against the petitioner shall be kept in abeyance. It is also made clear that if any default is made by the petitioner, the respondent bank will be at liberty to proceed with further steps, for W.P(C) No. 33783 of 2009 -P 3 realisation of the entire amount in a lump sum, from the stage where it stands now. Sd/- P.R.RAMACHANDRA MENON JUDGE //TRUE COPY// P.A TO JUDGE ab