Retnakaran vs Syndicate Bank on 27 June, 2007

       

  

  

 
 
  IN THE HIGH COURT OF KERALA AT ERNAKULAM

WP(C) No. 27278 of 2005(V)


1. RETNAKARAN S/O.CHALLAPPAN NADAR,
                      ...  Petitioner

                        Vs



1. SYNDICATE BANK,
                       ...       Respondent

                For Petitioner  :SRI.R.T.PRADEEP

                For Respondent  :SRI.R.S.KALKURA

The Hon'ble MR. Justice PIUS C.KURIAKOSE

 Dated :27/06/2007

 O R D E R


                             PIUS C. KURIAKOSE,J.

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                           W.P.(C) No.27278 of 2005

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                              Dated: 27th June, 2007


                                     JUDGMENT

The grievance of the petitioner is that property belonging to

him which is worth about Rs.24 lakhs is now proclaimed to be sold for

recovery of the decree debt which will be below Rs.2 lakhs only. In

other words, the contention is that a portion of the property alone

need be sold for realisation of the decree debt. Noticing this

contention on 27.10.2005 this court granted stay on condition that

the petitioner remits a sum of Rs.35,000/- within one month. I am

informed that on 28.11.2005 a sum of Rs.35,000/- has been remitted

by the petitioner. This will indicate that the petitioner has showing

some earnestness in the matter of liquidating the decree debt. Under

these circumstances, I dispose of the Writ Petition issuing the

following directions:

The order of stay presently granted will continue for another

four months. In the meanwhile, it is open to the petitioner to identify

a purchaser either for the whole or a portion thereof who will be

prepared to pay the amount necessary for discharging the entire

decree debt including the expenses subsequently incurred by the

Bank. Once such a purchaser is identified, he will produce copy of the

W.P.C.No. 27278/05 – 2 –

sale agreement before the court below and apply to the court below

seeking permission to sell the property to the prospective purchaser.

The court below will consider that application and pass appropriate

orders and ensure that the decree-holder Bank gets whatever balance

amount is due to the Bank under the decree together with the

expenses subsequently incurred. At any rate, the stay order will not

continue beyond four months.

srd                                                    PIUS C.KURIAKOSE, JUDGE