P.G.SUBRAMANIAN Vs. CHIEF ENGINEER

JUDGEMENT

(1.) The first petitioner says that he is a contractor engaged in civil works for various Government Departments and alleges that large amounts are due to him from respondents 1 to 4. The petitioners then concede that they have availed of certain loan facilities form the 7th respondent-South Indian Bank and assert that if the eligible amounts are paid to them by respondents 1 to 4, the loan account can be closed, if not the liability therein substantially reduced. They, therefore, pray that this Court may direct respondents 1 to 4 to pay to them their eligible amounts and to further direct the 7th respondent to accept the said amount and close the loan account.

(2.) Shri.K.K.Chandran Pillai, the learned Senior Counsel, assisted by Smt.S.Ambily, the learned Standing Counsel appearing for the 7th respondent-Bank, submits that the account of the petitioners have become a Non Performing Asset several years ago and that the Bank has been patiently waiting all this while for them to settle the account. He says that no further indulgence can be shown to the petitioners except if they are able to bring substantial amounts into the loan account.

(3.) Smt.K.Amminikutty, the learned Senior Government Pleader, submits that pursuant to another judgment of this Court, namely, Ext.P3, which has been obtained by the first petitioner, respondents 1 to 4 are conceding to an amount of Rs.89,30,493/- to be due to the first petitioner and says that out of this, the first tranche of Rs.50,19,457/- will be paid immediately. She says that the rest of the amount, namely, about Rs.39 lakhs will also be paid within a period of two months from the date of receipt of a copy of this judgment.