IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 7382 of 2010(W)
1. K.RAVINDRANATHAN,SOLE PROPRIETOR,
... Petitioner
2. P.T.AMMINI,W/O.K.RAVINDRANATHAN, -DO-
Vs
1. UCO BANK, BEACH ROAD BRANCH,BEACH ROAD,
... Respondent
2. THE INDIAN OIL CORPORATION LTD.,
For Petitioner :SRI.K.B.PRADEEP
For Respondent : No Appearance
The Hon'ble MR. Justice P.R.RAMACHANDRA MENON
Dated :15/03/2010
O R D E R
P.R.RAMACHANDRA MENON, J
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W.P(C) No.7382 of 2010-W
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Dated this the 15th day of March, 2010.
J U D G M E N T
The petitioner has approached this Court challenging the
steps taken by the respondent Bank invoking the machinery under
SARFAESI Act. Many a ground has been raised in this Writ Petition, both
legal as well as factual.
2. The learned counsel for the petitioner submits that the main
grievance is with regard to the charging of penal interest and the
petitioner is ready and willing to wipe off the balance amount within a
period of two weeks.
3. The learned counsel for the Bank submits on instruction that
the Bank has not charged any penal interest or any compound interest. It
is stated that the actual outstanding liability as on date is
Rs.12,22,762.72 and if the petitioner clears the said amount, the Bank
will be ready and willing to release the title deed.
4. The learned counsel for the petitioner submits that the
petitioner is ready and willing to clear the liability within two weeks. On
satisfaction of the said liability as above, the title deeds shall be released
to the petitioner forthwith, at any rate, within three days thereafter.
The Writ Petition is disposed of.
Sd/-
P.R.RAMACHANDRA MENON, JUDGE
ab
//True Copy//