VIJAYAN K Vs. KERALA FINANCIAL CORPORATION

JUDGEMENT

(1.) THE petitioner availed a loan of Rs. 29 lakhs from the respondent Corporation, in connection with the business being pursued by him. But due to some adverse circumstances, the business fell in doldrums, as a result of which, the petitioner could not satisfy the due repayments on time. This led to further proceedings under the Revenue Recovery Act, as borne by Ext. P1, which made the petitioner to approach this Court for immediate intervention.

(2.) THE learned counsel for the petitioner submits that the default was never wilful, but because of sudden down fall in the business and some other adverse circumstances. The learned counsel for the petitioner submits that the only relief now pressed before this Court is to permit the petitioner to clear the entire liability by way of reasonable installments.

(3.) ACCORDINGLY, the petitioner is directed to deposit a sum Rupees Five lakhs within one month from today and the balance liability shall be cleared by way of 'eight' equal monthly installments; the first of which shall be effected on or before the 10th of October, 2012; to be followed by similar installments to be effected on or before the 10th of the succeeding months. Subject to this, the recovery proceedings stated as being pursued against the petitioner shall be kept in abeyance for the time being. It is made clear that, if the petitioner commits any default in remitting the installments as above, the respondent Corporation will be at liberty to proceed with further steps for realization of the entire amount in lump, from the stage where it stands now. The Writ Petition is disposed of.