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2006 DIGILAW 681 (KER)

V. Abin v. The Parappanangadi Regional Housing

2006-10-11

K.THANKAPPAN

body2006
Judgment :- Petitioner had availed of a housing loan of Rs.4,00,000/- from the 1st respondent. As the petitioner could not remit the amount in time, steps, including filing of an arbitration case, have been taken by the 1st respondent against the petitioner to recover the amount. Thereafter, arbitrator passed an award in favour of the bank. Pursuant to the award, notice was issued to the petitioner intimating the sale of his property. The petitioner challenged the said notice by filing WP(C)3217/2005 and by Ext.P1 judgment this Court disposed of the said writ petition. As the petitioner could not comply with the conditions contained in Ext.P1 judgment, the 2nd respondent issued Ext.P2 notice, which is under challenge in this writ petition. The grievance of the petitioner is that respondents are initiating coercive steps to recover the amount due without extending the benefit of one time settlement as requested by Ext.P3. Learned counsel for the petitioner submits that the petitioner is ready and willing to remit the amount and he may be granted the benefit of one time settlement with installment facility. 2. Heard. 3. Learned counsel for the 1st respondent submits that since ample time was given to the petitioner to pay the loan amount, the claim for granting the benefit of one time settlement is not considerable. However, the learned counsel submits that if the petitioner remits 10% of the outstanding amount, the request of the petitioner for one time settlement shall be considered. 4. In the circumstances, the 1st respondent is directed to consider the claim of the petitioner for the benefit of one time settlement scheme, for which the petitioner has to file an application before the 1st respondent and remits an amount of Rs.70,000/- within 45 days from today i.e., Rs.35,000/- within one month and Rs.35,000/- within 15 days therefrom. If the petitioner files the application and remits the amount, as ordered by this Court, the 1st respondent shall consider the application and take a decision thereon as early as possible, at any rate within 30 days from the date of remittance of the amount and filing of the application. If the petitioner fails to remit the amount and file the application, the 1st respondent can proceed against the petitioner on the basis of Ext.P2 notice. The writ petition is disposed of as above.