IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 5TH JUNE 2009 / 15TH JYAISHTA 1931 WP(C).No. 15466 of 2009(C) -------------------------- PETITIONER: ------------------ JOSEPH K.C., AGED 65 YEARS, S/O. LATE CHACKO, KOLATTUKUDI HOUSE, MANJAPRA P.O., ANGAMALY, ERNAKULAM DISTRICT. BY ADV. SRI. RAJESH VIJAYAN RESPONDENTS: --------------- 1. KERALA FINANCIAL CORPORATION, REP.BY ITS CHIEF MANAGER, FINANCE TOWER, KALOOR, KOCHI-682 017. 2. DEPUTY TAHSILDAR (R.R.), KERALA FINANCIAL CORPORATION, ERNAKULAM. ADV. SRI.M.M.SAYED MUHAMMED, SC, KFC . THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 05/06/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ........................................................................ W.P.(C) No. 15466 OF 2009 ......................................................................... Dated this the 5th June, 2009 J U D G M E N T The petitioner had availed a loan of Rs.57,35,824/-from the first respondent, for starting a modern rice mill. Subsequently, coercive steps were taken by the respondents against the petitioner when he turned to be a defaulter. In the course of time, the petitioner applied for OTS facility and the same was sanctioned . Even though the petitioner remitted a sum of Rs.10 lakhs, since the entire amount covered by OTS was not remitted even within the extended time, the benefit was stated as withdrawn, followed by subsequent coercive steps as borne by Ext.P4 notifying sale of immovables. 2. The learned counsel for the petitioner submits that the entire amount under OTS will be cleared within 15 days . The learned counsel appearing on behalf of the respondents submits that the matter can be re-considered only if the petitioner remits W.P.(C) No. 15466 OF 2009 2 30% of the due amount forthwith, subject to the approval of the Corporation. 3. In the above facts and circumstances, the petitioner is directed to effect payment of Rs. 35.44 lakhs , which is stated as 30% of the arrears due, within ten days from today. On such an event, the matter shall be re-considered by the first respondent, permitting the petitioner to clear the entire liability within such time, to be fixed by the first respondent in this regard. The Writ Petition is disposed of accordingly. P.R. RAMACHANDRA MENON, JUDGE. lk