V ABIN Vs. PARAPPANANGADI REGIONAL HOUSING

JUDGEMENT

(1.) 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.