Haleema vs South Indian Bank Ltd. on 30 May, 2007

       

  

  

 
 
  IN THE HIGH COURT OF KERALA AT ERNAKULAM

WP(C) No. 31319 of 2005(C)


1. HALEEMA, W/O.AHAMMED HAJI,
                      ...  Petitioner

                        Vs



1. SOUTH INDIAN BANK LTD., THRISSUR.
                       ...       Respondent

2. M/S.GAPITAL TRADERS, CHANDPURA,

3. P.K.RASHEED, I.T.S. PARTNER,

4. P.K.ABDUL KAREED, S/O.KUNJAVA,

5. FATHIMA, W/O.ABDUL RAHIMAN,

                For Petitioner  :SRI.P.S.DIVAKARAN

                For Respondent  :SRI.K.PRABHAKARAN, SC,SOUTH INDIAN BANK

The Hon'ble MR. Justice PIUS C.KURIAKOSE

 Dated :30/05/2007

 O R D E R
                            PIUS C. KURIAKOSE, J.

                              -------------------------------

                          W.P.(C) No. 31319 OF 2005

                            -----------------------------------

                      Dated this the 30th day of May, 2007


                                     JUDGMENT

Over ruling Ext.P2 objections filed by the petitioner-

judgment debtor the execution court ordered sale of the properties

belonging to the petitioner and in these proceedings under Article 227

he prays that the order directing sale be quashed. The ground which is

prominently raised by the petitioner is that there is gross under valuation

in the matter of ordering sale of the property. According to the

petitioner, the property is worth Rs.55 lakhs and the same has been

ordered to be sold for the amount shown in the proclamation schedule

i.e. Rs.8,73,226/- While admitting this writ petition, stay was granted by

imposing a condition that the petitioner either pays to the decree holder

or deposits before the court below a sum of Rs.1 lakh.

2. Sri.K. Prabhakaran, Standing Counsel for the Bank submits

that thereafter also payments have been made and according to the

learned Standing Counsel, the petitioner has the financial ability to pay

off the entire balance amount immediately. Sri.P.S.Divakaran, learned

counsel for the petitioner submits that easy instalments may be granted

for liquidating the liability since the petitioner has demonstrated his

bonafides in the matter of discharging the debt by making payments.

WPC No.31319/2005

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Having regard to the rival submissions addressed before me, I am

of the view that the Writ Petition can be disposed of by issuing the

following directions:

The order of stay currently in force will continue for a period of six

months on condition that the petitioner will remit at the rate of

Rs.75,000/- in every month commencing from 15.07.07. In the event of

any default, he will forfeit the above benefits.

PIUS C. KURIAKOSE, JUDGE

btt

WPC No.31319/2005

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