(1.) Petitioner availed a term loan of Rs.2 Crores for the purpose of starting a project under the name and style of M/s.Ponmudi River Eco Tourist Home. The amount was sanctioned and agreement is executed by and between the petitioner and the Kerala Financial Corporation. However, repayment is not effected by the petitioner in terms of the agreement. Thereupon now Ext.P5 demand notice dated 23.11.2018 is issued directing the petitioner to pay outstanding amount of Rs.3,79,76,577/-. It is thus challenging Ext.P5 and seeking other consequential reliefs, this writ petition is filed.
(2.) I have heard learned learned Counsel for the petitioner, learned Government Pleader and the learned Standing Counsel appearing for the respondent Corporation and perused the pleadings and documents on record.
(3.) Learned Counsel for the petitioner reiterated the contentions and submitted that, there was no reason for the respondent Corporation to recall the loan and directing the petitioner to pay the entire amount due to the Corporation. However, learned Standing Counsel submitted that, petitioner has availed a loan of Rs.3 Crores and what is stated in the writ petition that it is only 2 Crores, is not true and correct. It is also pointed out that more than 47 lakhs is remaining over due from the petitioner and in spite of moratorium granted to the petitioner for a period of one year, there is no improvement on the part of the petitioner in the matter of repayment of the loan outstanding.