C.Narayanan vs Malappuram District … on 16 December, 2008

       

  

  

 
 
  IN THE HIGH COURT OF KERALA AT ERNAKULAM

WP(C).No. 37051 of 2008(J)


1. C.NARAYANAN, AGED 64 YEARS,
                      ...  Petitioner

                        Vs



1. MALAPPURAM DISTRICT CO-OPERATIVE BANK
                       ...       Respondent

                For Petitioner  :SRI.C.KHALID

                For Respondent  : No Appearance

The Hon'ble MR. Justice THOTTATHIL B.RADHAKRISHNAN

 Dated :16/12/2008

 O R D E R
            THOTTATHIL B.RADHAKRISHNAN, J.
                   -------------------------------------------
                   W.P(C).No.37051 OF 2008
                  -------------------------------------------
            Dated this the 16th day of December, 2008


                              JUDGMENT

Notice to the respondent dispensed with preserving its

right to move for review of this judgment, if aggrieved.

The plea of the petitioner, a debtor of the respondent, is

that the SARFAESI Act proceedings on account of non payment

of a loan is being carried out against an item of property, which,

according to him, has a market value of Rs.70 lakhs, however,

that the bank had undervalued it at Rs.7.25 lakhs. The petitioner

is stated to be bedridden and is under treatment. Whatever that

be, outstandings due as evidenced by Ext.P2 could be easily

satisfied rather than have the property put to sale provided the

petitioner makes appropriate and prompt effort. Under such

circumstances, it is directed that if the petitioner provides the

entire fund covered by Ext.P2 and accruals thereon, evenby

finding appropriate purchaser for that property, the bank will

permit the entire amounts to be paid into and if the entire

WPC.37051/08

Page numbers

amounts are paid, the property will be released. Let this be done

before 15.3.2009, as last chance. All other issues are left open.

The writ petition is ordered accordingly.

Sd/-

THOTTATHIL B.RADHAKRISHNAN,
Judge.

kkb.