IN THE HIGH COURT OF KERALA AT ERNAKULAM
CRP No. 365 of 2007()
1. M/S. RON MARITIME LTD.,
... Petitioner
2. K.P. BENNY ROHAL,
Vs
1. THE FEDERAL BANK LTD.,
... Respondent
2. SRI. KURIAKOSE P.MANI, S/O.P.J.MANI,
3. SRI.K.SATHEESAN, S/O.KRISHNA MENON,
For Petitioner :SRI.N.SUBRAMANIAM
For Respondent :SRI.K.ABRAHAM LAL
The Hon'ble MR. Justice M.N.KRISHNAN
Dated :20/08/2007
O R D E R
M.N. KRISHNAN , J
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C.R.P NO. 365 OF 2007
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Dated this the 20th day of August, 2007.
JUDGMENT
This Civil Revision Petition is preferred against the order of the
Subordinate Judge, Trivandrum in E.P. No. 396/2005 in O.S. No.
194/2003. As per the said order, the executing court fixed the price at
Rs. 12 lakhs and directed the property to be proclaimed and sold on
23.05.2007. Meanwhile the writ petitioner rushed to the court and
obtained a stay by deposit of Rs.1 lakh. It is the admitted fact that the
property which is brought to sale is the mortgaged property. It is the
settled principle that the mortgaged property cannot be truncated and
it is to be sold as a whole and not in loose. It is seen that the same
objections are raised regarding the valuation of the property and it is
submitted that in paragraph 14 of the counter statement that the
present market value will be around Rs.20 lakhs. Under Order XXI Rule
66 proviso, the court need not fix the upset price but it will be
sufficient if value shown by the decree holder as well as the judgment
debtor is shown in the proclamation. But when sale is conducted as per
Order XXI Rule 72 A the stipulations made therein has to be followed.
There is some intention for the judgment debtors to wipe off the law as
C.R.P. NO. 365/2007 : 2 :
stated earlier. The draft proclamation does not disclose the value
shown by the judgment debtor. It is a defect which is curable. So sale
can be ordered after curing the defects and if they commit breach of
the following terms which I incorporate:
i. The writ petitioners shall pay an amount of Rs.1 lakh to
the decree holder on or before 22.09.2007.
ii. They must pay the balance amount in three equal
instalments commencing from 22.10.2007.
iii. In case of default of payment of Rs.1 lakh on or before
22.09.2007 or default of any instalments, the decree
holder-bank will be at liberty to proceed with the sale
after incorporating the value shown by the judgment
debtor also in the draft proclamation by the decree
holder and if under Rule 72 A by complying with the
conditions thereon.
2. In order to enable the writ petitioners to pay off all the
liability the sale shall stand deferred and it shall be revived if there is
breach as mentioned above. It is needless to say that whatever
amount is deposited is permitted to be withdrawn by the decree
holder.
The Civil Revision Petition is disposed of accordingly.
M.N. KRISHNAN, JUDGE.
rv
C.R.P. NO. 365/2007 : 3 :