OOLANGADAN VEERAN Vs. PEIRNTHALMANNA SAHAKARANA KARSHIKA

JUDGEMENT

(1.) The writ petitioner had availed a loan from the first respondent, bank. It was not re-paid as per the schedule. Therefore, the bank proceeded against him. According to the learned counsel for the first respondent an amount of Rs.1,31,952/-, as on 22.8.2006, is due to the first respondent, bank.

(2.) When the writ petition was admitted, the stay of all the proceedings, initiated against the properties of the petitioner was granted, on condition that the petitioner remit an amount of Rs.20,000/- within one month from 6.11.2006. It is conceded by the learned counsel for the writ petitioner that because of the personal reasons, the said amount had not been remitted.

(3.) The learned counsel for the first respondent however, submits that the petitioner may avail the benefit of One Time Settlement and pay the amount due to the first respondent, so as to save the properties.