IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C) No. 3811 of 2007(D)
1. S.RAJEEV, S/O.K.S.PILLA,
... Petitioner
Vs
1. THE MANAGER, SOUTH INDIAN BANK LTD,
... Respondent
2. BIJU.M., S/O.KUNHIKRISHNAN NAIR.T.,
For Petitioner :SRI.V.R.KESAVA KAIMAL
For Respondent :SRI.K.PRABHAKARAN, SC,SOUTH INDIAN BANK
The Hon'ble MR. Justice C.N.RAMACHANDRAN NAIR
Dated :20/09/2007
O R D E R
C.N.RAMACHANDRAN NAIR, J.
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WP(C) Nos. 3811 & 21496 of 2007
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Dated, this the 20th day of September, 2007
J U D G M E N T
Both writ petitions are filed by the same person, who is
defaulter for the loan availed from the 1st respondent Bank. Even
though the liability is above Rs. 18 lakhs, petitioner’s property was
sold for Rs. 2 lakhs on 16/11/2006. Second respondent purchased
the property and got the Kudiyidappu shifted on payment of
compensation of Rs. 2 lakhs. According to the second respondent
he has already made investment of around Rs. 1 lakh in the
property and he is given delivery of the property in April 2007.
However, it is seen that petitioner had challenged the sale by filing
WP(C) No. 3811/2007 on 02/02/2007 itself. Since the property is
above one acre of land and the sale price is only Rs. 2 lakhs, I feel,
sale should be interfered with not only in the interest of the
petitioner but to protect the interest of the 1st respondent Bank,
which is to recover a further sum of Rs. 16 lakhs towards balance
loan from the very same petitioner. Simultaneously 2nd respondent
is entitled to compensation besides refund of purchase price paid.
In the circumstances, this writ petition is disposed of directing
WP(C) Nos. 3811 & 21496/2007
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petitioner to give a Demand Draft for Rs. 5 lakhs to the 2nd
respondent within one month from today and if Demand Draft is
paid, sale will stand set aside with liberty to the 1st respondent Bank
to proceed against the very same property in recovery proceeding
for recovering balance of the very same loan, if petitioner does not
settle liability due to the Bank. Bank is also directed to grant some
incentives or rebates to the petitioner, if petitioner offers settlement
within a reasonable time by sale of property or otherwise. If
petitioner does not make payment, the writ petitions filed will stand
dismissed and 2nd respondent is entitled to retain the property.
(C.N.RAMACHANDRAN NAIR, JUDGE)
jg