IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 29TH MARCH 2010 / 8TH CHAITHRA 1932 WP(C).No. 6556 of 2010(T) -------------------------------------- PETITIONER(S): ----------------------- ABRAHAM ABRAHAM, THANNIKKAPPARA HOUSE, NEDIYORAM KARA, PALOORKAVU CENTRAL P.O., PERUVANTHANAM VILLAGE, PERUMEDU TALUK. BY ADV. MR.B.KRISHNA MANI RESPONDENT(S): ------------------------- 1. THE JOINT REGISTRAR GENERAL, OFFICE OF THE JOINT REGISTRAR OF CO-OPERATIVE SOCIETY (GENERAL), PYNAVU, IDUKKI DISTRICT. 2. THE MANAGER, IDUKKI CO-OPERATIVE BANK, MUNDAKAYAM EAST, IDUKKI DISTRICT. 3. THE AUTHORISED OFFICER, THE IDUKKI DISTRICT CO-OPERATIVE BANK LTD., HEAD OFFICE, IDUKKI, IDUKKI COLONY P.O.-685 602. 4. THE SPECIAL SALE OFFICER, IDUKKI DISTRICT CO-OPERATIVE BANK LTD., IDUKKI. R1 BY GOVERNMENT PLEADER MR.BIJOY CHANDRAN. R2 TO R4 BY ADV. MR.P.C.SASIDHARAN . THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29/03/2010,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: rs. P.R. RAMACHANDRA MENON, J. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ W.P.(C).No. 6556 of 2010 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Dated this the 29th day of March, 2010 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ J U D G M E N T The petitioner's father had availed a loan of Rs.1 lakh from the respondent bank. Petitioner was the guarantor to the transaction. Since the loan amount was not repaid on time, the bank proceeded with steps under the SARFAESI Act, which made the petitioner to approach this Court by filing this Writ Petition. 2. Heard the learned counsel for the bank as well, who submits on instructions that, a sum of about Rs.3.90 lakhs is due as on date. 3. The learned counsel for the petitioner submits that, the petitioner is intending to approach the bank for availing the benefit of 'OTS', in conformity with the Circular 2/2010. 4. If any such application is filed within the stipulated time, complying with the requirements as specified, the W.P.(C).No. 6556 of 2010 2 same shall be considered and appropriate orders shall be passed by the respondent bank, for extending the benefit of 'OTS' to the petitioner. It is made clear that the liability of the petitioner to satisfy the amount due will be subject to the terms to be stipulated on considering the application for 'OTS' as above. 5. It is also made clear that, if any default is committed by the petitioner in satisfying the liability in tune with the stipulations under the OTS, the respondent bank will be at liberty to proceed with further steps to realise the entire amount in lump sum. The Writ Petition is disposed of. P.R. RAMACHANDRA MENON JUDGE nl