IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC FRIDAY, THE 16TH JANUARY 2009 / 26TH POUSHA 1930 WP(C).No. 359 of 2009(P) ----------------------------------- PETITIONER(S): ------------------------- K.V.RAJAN, S/O P.V.VARGHESE, SNEHA BHAVAN, ULLANNOOR MURI, KULANADU VILLAGE, KOZHENCHERRY TALUK, PATHANAMTHITTA, REP. BY HIS POWER OF ATTORNEY HOLDER SHRI.K.R.SIJO, AGED 34 YEARS,S/O RAPHEAL, KADAVIL HOUSE, CHEERACHI, OLLUR, THRISSUR. BY ADV. SRI.P.HARIDAS RESPONDENT(S): ------------------------- 1. KERALA FINANCIAL CORPORTION, VELLAYAMBALAM, THIRUVANANTHAPURAM, REP. BY ITS MANAGING DIRECTOR. 2. THE BRANCH MANAGER, KERALA FINANCIAL CORPORATION, PATHANAMTHITTA. ADV. SRI.K.JAJU BABU SC FOR R1 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 16/01/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. ------------------------- W.P.(C.) No.359 of 2009 --------------------------------- Dated, this the 16th day of January, 2009 J U D G M E N T The petitioner had availed of a loan from the respondent Corporation. Default was committed and finally the petitioner availed of the benefit of OTS Scheme introduced by the respondent Corporation. Admittedly, the Corporation agreed to settle the liability by accepting Rs.40 lakhs on or before 31/03/2008, out of which, the petitioner paid Rs.24.56 lakhs. According to the petitioner, he suffered certain serious ailments and therefore, the payment could not be made in time. In this writ petition, what the petitioner seeks is a direction to the respondent Corporation to extend the time to enable him to pay the balance amount due in terms of the OTS Scheme accepted by the Corporation. 2. The learned standing counsel for the respondent Corporation was heard. He submits that the entire amount ought to have been paid on or before 31/03/2008. It is also submitted that the Corporation is still willing to accept the payment of balance amount in settlement of the liability, provided the petitioner pays the WP(C) No.359/2009 -2- amount due on or before 31/01/2009. 3. Though the stand taken by the respondent Corporation cannot be faulted, in as much as default has been committed by the petitioner, the fact remains that more than 50% of the amount due in terms of the OTS has already been paid by the petitioner. From this, it is obvious that the petitioner genuinely wants to discharge the liability and he has already proved his bonafides by paying more than 50% of the amount due. I, therefore, direct the petitioner to pay the balance amount due on or before 31/03/2009 along with interest for the outstanding amount for the period from 01/04/2008 onwards. It is directed that if payment is made as above, the same will be accepted in satisfaction of the settlement of the OTS Scheme, and in case, the payment is not made, the Corporation will be free to proceed in accordance with law. The writ petition is disposed of as above. (ANTONY DOMINIC, JUDGE) jg