Kerala High Court
Yasodha vs Kerala Financial Corporation on 24 May, 2019
Author: Hrishikesh Roy
Bench: Hrishikesh Roy, A.K.Jayasankaran Nambiar
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE THE CHIEF JUSTICE MR.HRISHIKESH ROY
&
THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR
FRIDAY, THE 24TH DAY OF MAY 2019 / 3RD JYAISHTA, 1941
WA.No. 1016 of 2019
AGAINST THE ORDER/JUDGMENT IN WP(C) 12642/2018 of HIGHCOURT
APPELLANT/S:
YASODHA,
AGED 81 YEARS,
W/O.BALAKRISHNAN, ANAND NIVAS, MANKAVU P.O.,
KOZHIKODE- 673 007.
BY ADVS.
SRI.ARUN BABU
SRI.G.HARIPRASAD
RESPONDENT/S:
1 KERALA FINANCIAL CORPORATION,
REPRESENTED BY ITS CHIEF MANAGER,
MANUELSONS BUILDING, G.H.ROAD, KOZHIKODE- 673 001.
2 KERALA FINANCIAL CORPORATION,
REPRESENTED BY ITS CHAIRMAN AND MANAGING DIRECTOR,
VELLAYAMBALAM, THIRUVANANTHAPURAM- 695 033.
3 PRINCIPAL SECRETARY,
DEPARTMENT OF FINANCE, FIRST FLOOR, MAIN BLOCK,
SECRETARIAT, THIRUVANANTHAPURAM- 691 001.
THIS WRIT APPEAL HAVING COME UP FOR ADMISSION ON 24.05.2019, THE
COURT ON THE SAME DAY PASSED THE FOLLOWING:
W.A.1016 of 2019 2
JUDGMENT
Hrishikesh Roy, CJ.
The matter pertains to a proceedings initiated by the Kerala Financial Corporation (KFC) to recover the outstandings on the loan, sanctioned to the appellant/petitioner. When the borrower challenged the proceedings through W.P.(C).No.12642 of 2018, it was projected that One Time Settlement (OTS) Scheme is available and if the borrower remits the required sum, the Corporation is willing to consider the defaulting borrower under the OTS Scheme. The Court recorded that ₹1,52,00,000/- is receivable as on 02.02.2019 and accordingly, direction was issued to the borrower, to remit 25% of the overdue outstanding by 30.03.2019. The KFC was then directed to consider the petitioner under the OTS Scheme.
2. The borrower did not however allow the matter to rest at that stage and filed the W.A.No.1016 of 2019, where certain difficulties was projected by Smt.T.Reshma, the learned counsel representing the appellant. She submitted that the borrower be permitted to remit ₹25 lakhs on or before 30.04.2019 to enable her client to avail the benefit of OTS Scheme. In her turn, learned counsel for the KFC, Smt.Dhanya P.Ashokan pointed out that the loan was taken for construction of apartment building and the borrower has already sold out 18 flats but has failed to remit the dues to the KFC.
3. Be that as it may, in view of the earnest submissions made by the appellant's lawyer, she was permitted to establish her bona fide by depositing ₹25 lakhs on or before 30.04.2019 and subject to such remittance, the KFC was required to consider the possibility of granting the usual benefits of the OTS Scheme. It was however made clear by the Court that if the appellant fails to remit the ordered sum within the stipulated time frame, the Writ Appeal will have to be dismissed.
4. Today when the case is listed, the learned counsel for the Appellant W.A.1016 of 2019 3 Smt.T.Reshma submits that the borrower could not make the payment and she be granted further time to remit the ordered sum, to the KFC. However, this is strongly resisted by the learned counsel Smt.Dhanya P. Ashokan, who refers to the Court's earlier order on 05.04.2019 and press for dismissal of the Appeal.
5. Having considered all circumstances and more particularly, the failure of the borrower to establish her bona fide by remitting the sum by 30.04.2019, the Writ Appeal is found liable to be dismissed and it is ordered so accordingly.
Sd/-
HRISHIKESH ROY CHIEF JUSTICE Sd/-
A.K.JAYASANKARAN NAMBIAR
DG JUDGE