IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C) No. 2997 of 2008(F)
1. R.KARMACHANDRAN,PROPRETOR AND MANAGING
... Petitioner
Vs
1. KERALA STATE FINANCIAL CORPORATION
... Respondent
For Petitioner :SRI.P.K.MUHAMMED
For Respondent :SRI.R.S.KALKURA
The Hon'ble MR. Justice ANTONY DOMINIC
Dated :05/02/2008
O R D E R
ANTONY DOMINIC, J.
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W.P.(C)2997/2008
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Dated this the 5th day of February 2008
Judgment
Petitioner had availed of a loan from the respondents.
Following default, revenue recovery proceedings were
initiated for realization and Ext.P1 is the notice issued under
Section 29 of the State Financial Corporations Act. The
petitioner submits that the loan availed of by him was only
8.46 lakhs and that even after making payments, the
present liability is more than 25 lakhs.
2. The only request that is now made is for deferring
further proceedings pursuant to Ext.P1 for a reasonable
time, in order to enable the petitioner to arrange a buyer for
sale of the property and to liquidate the liability of the
respondents. Since the respondent has already taken over
possession of the mortgaged property, by granting
reasonable time to the petitioner to raise funds even by
entering into an agreement for sale in respect of the
W.P.(C)2997/2008 2
property concerned, I do not think any prejudice will be
caused.
3. Accordingly, this writ petition is disposed of with the
following directions.
1) Further proceedings pursuant to Ext.P1 will be
deferred by the respondents for a period of three
months from today. In the meantime the
possession of the property will be continued to be
with the respondents.
2) During the aforementioned three months
period, it is open to the petitioner to raise
sufficient finance and liquidate the liability to the
respondents, in which case, the respondents will
release the property to the petitioner.
ANTONY DOMINIC, JUDGE
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