A.PURUSHOTHAMAN Vs. PONDICHERRY INDUSTRIAL PROMOTION DEVELOPMENT

JUDGEMENT

(1.) The prayer in the writ petition is to direct the respondent to permit the petitioner to sell the house sites in (1) R.S.No.46/1 measuring 24132 sq.feet and (2) T.S.No.1795 measuring 4060 sq.feet and deposit the sale proceeds directly to the respondent corporation by the prospective purchasers and settle the loan amount giving concession available for One Time Settlement and crediting subsidy amount and clear the loan.

(2.) The petitioner is a hotelier having entered into the venture by borrowing loan to the tune of Rs.2.50 Crores from the respondent over a period of time from 30/1/2004 to 30/6/2010. In other words, the petitioner was sanctioned the loan amount stage by stage. The only grievance of the petitioner was that the respondent was charging interest, which the petitioner could not meet at the relevant point of time. Despite their sincere efforts to settle the entire loan amount, on account of the enormous charge of interest by the respondent, the petitioner could not do so. Hence, there was a default.

(3.) On 10/1/2012, the respondent issued a notice calling upon the petitioner to pay Rs.68,82,000.00 on or before 31/1/2012 and avail the benefit of rescheduling of the loan. As the petitioner failed to avail such benefit, a possession notice under Sec. 29 of the State Financial Corporations Act, 1951, was issued on 23/2/2012. The order was put to challenge in W.P.No.6811 of 2012. The said writ petition was disposed of on 12/12/2012 with a direction to the respondent to consider the case of the petitioner sympathetically, if the petitioner fulfills certain conditions with respect to payment of interest.