{"id":267251,"date":"2010-10-21T00:00:00","date_gmt":"2010-10-20T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/shihab-vs-the-authorised-officer-uco-bank-on-21-october-2010"},"modified":"2019-01-15T19:42:16","modified_gmt":"2019-01-15T14:12:16","slug":"shihab-vs-the-authorised-officer-uco-bank-on-21-october-2010","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/shihab-vs-the-authorised-officer-uco-bank-on-21-october-2010","title":{"rendered":"Shihab vs The Authorised Officer Uco Bank on 21 October, 2010"},"content":{"rendered":"<div class=\"docsource_main\">Kerala High Court<\/div>\n<div class=\"doc_title\">Shihab vs The Authorised Officer Uco Bank on 21 October, 2010<\/div>\n<pre id=\"pre_1\">       \n\n  \n\n  \n\n \n \n  IN THE HIGH COURT OF KERALA AT ERNAKULAM\n\nWA.No. 619 of 2010()\n\n\n1. SHIHAB, AGED 29 YEARS,S\/O.KUNHU\n                      ...  Petitioner\n2. NISHAD,AGED 43 YEARS, S\/O.KUNHU\n\n                        Vs\n\n\n\n1. THE AUTHORISED OFFICER UCO BANK,\n                       ...       Respondent\n\n2. UCO BANK, WELLINGTON ISLAND BRANCH,\n\n3. K.T.UNNIKRISHNAN, KUNCHENVELIYIL,\n\n4. ASHLEY NAIR, ADVOCATE, ALAPPUZHA BAR\n\n                For Petitioner  :SRI.B.PRAMOD\n\n                For Respondent  :SRI.GEORGE MATHEWS\n\nThe Hon'ble MR. Justice C.N.RAMACHANDRAN NAIR\nThe Hon'ble MR. Justice K.SURENDRA MOHAN\n\n Dated :21\/10\/2010\n\n O R D E R\n                    C.N.RAMACHANDRAN NAIR &amp;\n                         K.SURENDRA MOHAN, JJ.\n               ....................................................................\n                         Writ Appeal No.619 of 2010\n               ....................................................................\n                Dated this the 21st day of October, 2010.\n\n                                      JUDGMENT\n<\/pre>\n<p id=\"p_1\">Ramachandran Nair, J.\n<\/p>\n<p id=\"p_1\">      The appellants, tenants in a mortgaged building, are challenging<\/p>\n<p>securitisation proceedings initiated by UCO Bank for recovery of loan<\/p>\n<p>availed by a person for whom the building owner stood as surety. The<\/p>\n<p>property taken on lease by the appellants is the property mortgaged by<\/p>\n<p>third respondent to the Bank. We do not think the Bank&#8217;s mortgage<\/p>\n<p>right can be defeated by the mortgagor engaging tenants in the<\/p>\n<p>building.   It is common knowledge that tenanted building cannot be<\/p>\n<p>sold at market value or the value that could be obtained on sale of a<\/p>\n<p>tenanted building will be much lower the market value it would fetch if<\/p>\n<p>sold without tenants. On equitable considerations the relief that we<\/p>\n<p>could extend to the appellants is to allow them to clear the arrears due<\/p>\n<p>to the Bank and purchase the building. Since sale could not take place,<\/p>\n<p>the Bank would after notice to the building owner offer to sell the<\/p>\n<p>property to the appellants for the debt amount and if appellants remit<\/p>\n<p><span class=\"hidden_text\" id=\"span_1\">                                  2<\/span><\/p>\n<p>the amount, the property should be sold to the appellants after notice to<\/p>\n<p>the building owner and giving an opportunity to him to find another<\/p>\n<p>buyer or to discharge the debt or purchase the property by himself on<\/p>\n<p>clearing the arrears. The appellants are given one month&#8217;s time to<\/p>\n<p>approach the Bank for purchase of the property and if substantial<\/p>\n<p>amount is paid, then the Bank should give reasonable time for them to<\/p>\n<p>raise balance amount to purchase the property. If the appellants do not<\/p>\n<p>make any concrete proposal, then the appellants shall give the building<\/p>\n<p>free of possession to the Bank on expiry of thirty days from today.<\/p>\n<p>Writ Appeal is disposed of as above.\n<\/p>\n<p id=\"p_2\">\n<p id=\"p_3\">                                  C.N.RAMACHANDRAN NAIR<br \/>\n                                  Judge<\/p>\n<p>                                  K.SURENDRA MOHAN<br \/>\n                                  Judge<\/p>\n<p>pms<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kerala High Court Shihab vs The Authorised Officer Uco Bank on 21 October, 2010 IN THE HIGH COURT OF KERALA AT ERNAKULAM WA.No. 619 of 2010() 1. SHIHAB, AGED 29 YEARS,S\/O.KUNHU &#8230; Petitioner 2. NISHAD,AGED 43 YEARS, S\/O.KUNHU Vs 1. THE AUTHORISED OFFICER UCO BANK, &#8230; Respondent 2. UCO BANK, WELLINGTON ISLAND BRANCH, 3. K.T.UNNIKRISHNAN, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,21],"tags":[],"class_list":["post-267251","post","type-post","status-publish","format-standard","hentry","category-high-court","category-kerala-high-court"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Shihab vs The Authorised Officer Uco Bank on 21 October, 2010 - Free Judgements of Supreme Court &amp; High Court | Legal India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/judgments\/shihab-vs-the-authorised-officer-uco-bank-on-21-october-2010\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shihab vs The Authorised Officer Uco Bank on 21 October, 2010 - Free Judgements of Supreme Court &amp; 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