Jomon Rajan vs Kerala Financial Corporation
2023 Latest Caselaw 11311 Ker

             IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                  PRESENT
           THE HONOURABLE MR. JUSTICE DEVAN RAMACHANDRAN
     FRIDAY, THE 27TH DAY OF OCTOBER 2023 / 5TH KARTHIKA, 1945
                      WP(C) NO. 33775 OF 2023
PETITIONER:

       1     JOMON RAJAN
             AGED 53 YEARS, MANGALY HOUSE,
             THURAVAOOR.P.O. ANGAMALY,
             ERNAKULAM DISTRICT, PIN - 673572
       2     SOPHY JOMON
             W/O JOMON RAJAN, MANGALY HOUSE,
             THURAVAOOR.P.O. ANGAMALY, ERNAKULAM
             DISTRICT, PIN - 673572
             BY ADVS.
             BABU CHERUKARA
             ARUN BABU

RESPONDENTS:

       1     KERALA FINANCIAL CORPORATION
             VELLAYAMBALAM, THIRUVANANTHAPURAM -695033,
             REPRESENTED BY IT'S MANAGING DIRECTOR.
       2     THE ASST. GENERAL MANAGER
             STRESSED ASSET RECOVERY BRANCH,
             KERALA FINANCIAL CORPORATION, SARB-CENTRAL
             ZONE, 5TH FLOOR, FINANCE TOWER, KALOOR,
             KOCHI, PIN - 682017
             BY ADVS.
             VENUGOPAL M.R.
             DHANYA P.ASHOKAN(K/001671/2000)



       THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON    27.10.2023,   THE   COURT    ON   THE   SAME   DAY   DELIVERED   THE
FOLLOWING:
 W.P.(C).No. 33775 of 2023
                                  :2:


                     DEVAN RAMACHANDRAN, J.
                 =========================
                      W.P.(C).No. 33775 of 2023
                ==========================
                Dated this the 27th day of October, 2023

                             JUDGMENT

The petitioners say that even though they had been afforded

One-Time Settlement by the respondent - Kerala Financial

Corporation (KFC), they were unable to remit the amounts under it

within the time frame fixed; and thus they have been constrained to

approach this Court, seeking that they be allowed a few more

months time to do so.

2. However, in response to the afore submissions of Sri.Babu

Cherukara - learned counsel for the petitioners, Smt.Dhanya P.

Ashokan - learned Standing Counsel for the "KFC", submitted that

the original One-Time Settlement offer has now lapsed; but that, if

the petitioners are willing to remit 10% of the balance outstanding

as of now, they can still be given benefit allowable under the extant

Rules and Regulations. She submitted that, for this, petitioners

will have to approach the competent Authority of the "KFC" with

an appropriate representation.

3. It is indubitable from the afore stand of the "KFC" that

though they appear to be ready and willing to give benefits of One-

Time Settlement to the petitioners - albeit, not for the figures that

have been earlier agreed to - it would require them to pay 10% of W.P.(C).No. 33775 of 2023

the balance outstanding as on today, which is stated to be

Rs.4,58,98,000/-.

4. Since, Sri.Babu Cherukara - learned counsel for the

petitioners, submitted that his clients are willing to approach the

respondents with an appropriate application for this purpose, I

deem it necessary and apposite that they be reserved such liberty.

In the afore circumstances, I allow this writ petition, to the

limited extent of reserving liberty to the petitioners to approach

the respondents with an appropriate representation for One-Time

Settlement - either for the figure earlier agreed or for a modified

one - on compliance of necessary conditions as may be imposed;

and if this is done within a period of two weeks from the date of

receipt of a copy of this judgment, same shall be considered by its

competent Authority in terms of law, after affording the petitioners

an opportunity of being heard.

Needless to say, until such time as the afore exercise is

completed and the resultant order communicated to the

petitioners, all further recovery action against them shall stand

deferred; clarifying that further action will be continued only

depending upon the decision to be taken in terms of the above

directions.

Sd/-

DEVAN RAMACHANDRAN JUDGE anm W.P.(C).No. 33775 of 2023

APPENDIX OF WP(C) 33775/2023

PETITIONERS' EXHIBITS Exhibit P1 TRUE COPY OF THE BANK RECEIPT VOUCHER DATED 28-02-2023 FOR PAYMENT MADE TO K F C.

Exhibit P2 TRUE COPY OF THE RECEIPT ISSUED BY THE K F C PERUMBAVOOR BRANCH DATED 22-03-

2023.

Exhibit P3 TRUE COPY OF THE NOTICE ISSUED TO THE PETITIONER BY THE ASSISTANT GENERAL MANAGER, STRESSED ASSET RECOVERY BRANCH, KALOOR, ERNAKULAM, DATED 19-09-2023. Exhibit P4 TRUE COPY OF THE LETTER GIVEN BY THE 1ST PETITIONER TO THE DEPUTY GENERAL MANAGER OF K F C AT VELLAYAMBALAM, TRIVANDRUM DATED 30-09-2023.

RESPONDENTS' EXHIBITS : NIL.