IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN MONDAY, THE 6TH OCTOBER 2008 / 14TH ASWINA 1930 WP(C).No. 28968 of 2008(W) -------------------------- OA.179/2004 of DEBT RECOVERY TRIBUNAL, ERNAKULAM .................... PETITIONERS: ----------------------- 1. S.THANU PILLAI, S/O.SHANMUGAM PILLAI, TC.NO.98/2746/PROP STP. TRADERS, GOMATHY BHAVAN, PALAYACHALAI, THIRUVANANTHAPURAM. 2. GOMATHY AMMAL, W/O.SHUNMUGAM PILLAI, AGED 83 YEARS, RESIDING AT GOMATHY BHAVAN, TC.38/2746 PALAYACHALAI, TRIVANDRUM. BY ADV. SRI.M.RAMASWAMY PILLAI SRI.P.M.JOSEPH RESPONDENTS: ------------------------- 1. UNION OF INDIA, REPRESENTED BY ITS FINANCE SECRETARY, NEW DELHI. 2. DEPUTY GENERAL MANAGER, STATE BANK OF MYSORE, CIRCLE OFFICE, BANGALORE. 3. BRANCH MANAGER, STATE BANK OF MYSORE, POWER HOUSE ROAD, TRIVANDRUM. 4. DEBT RECOVERY TRIBUNAL, REP. BY ITS REGISTRAR, PANAMPILLY NAGAR, ERNAKULAM. ADV. SRI.SHEJI P.ABRAHAM FOR R1 SRI.LAL GEORGE, SC FOR SBM THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/10/2008,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss Thottathil B. Radhakrishnan, J. ================================== W.P.(C)No.28968 of 2008-W ================================== Dated this the 6th day of October, 2008. JUDGMENT Petitioners borrowed certain amounts from the third respondent. That resulted in O.A.179/2004 before the DRT. Ultimately, the bank accepted the proposal for OTS with a condition that the subsequent instalments in terms of Ext.P1 will carry interest at PLR rates, which, at that time, was 13.25%. The period of that agreement ended on 30-9-2008. The bank cannot, therefore, be forced to continue to wait for the remaining amounts or to continue to honour Ext.P1. However, on the suggestion of this Court on the basis of submissions made on either side, the bank has graciously agreed to defer the period of payment in terms of Ext.P1 till 31-12-2008 on the firm condition that for the period from 1-10-2008 to 31- 12-2008, the petitioner will pay interest at 21% wpc28968/08 -:2:- instead of PLR rate. Obviously, the bank would not insist on compound interest. Recording the aforesaid, this writ petition is ordered directing the parties to abide by what is stated above. Thottathil B.Radhakrishnan, Judge. sl.