{"id":3160,"date":"2008-08-04T00:00:00","date_gmt":"2008-08-03T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/sivadasan-vs-the-kerala-financial-corporation-on-4-august-2008"},"modified":"2016-04-11T16:49:59","modified_gmt":"2016-04-11T11:19:59","slug":"sivadasan-vs-the-kerala-financial-corporation-on-4-august-2008","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/sivadasan-vs-the-kerala-financial-corporation-on-4-august-2008","title":{"rendered":"Sivadasan vs The Kerala Financial Corporation on 4 August, 2008"},"content":{"rendered":"<div class=\"docsource_main\">Kerala High Court<\/div>\n<div class=\"doc_title\">Sivadasan vs The Kerala Financial Corporation on 4 August, 2008<\/div>\n<pre>       \n\n  \n\n  \n\n \n \n  IN THE HIGH COURT OF KERALA AT ERNAKULAM\n\nWP(C).No. 13692 of 2008(E)\n\n\n1. SIVADASAN,SREE MURUGA CASHEW FACTORY,\n                      ...  Petitioner\n\n                        Vs\n\n\n\n1. THE KERALA FINANCIAL CORPORATION\n                       ...       Respondent\n\n2. THE CHIEF MANAGER, KERALA FINANCIAL\n\n                For Petitioner  :SRI.T.M.CHANDRAN\n\n                For Respondent  :SRI.A.A.ABUL HASSAN, SC, KFC\n\nThe Hon'ble MR. Justice S.SIRI JAGAN\n\n Dated :04\/08\/2008\n\n O R D E R\n                         S. SIRI JAGAN, J.\n                 ------------------------------------\n                   W.P.(C)No. 13692 OF 2008\n               ----------------------------------------\n                Dated this the 4th day of August, 2008\n\n                            JUDGMENT\n<\/pre>\n<p>      The petitioner approaches this Court seeking One Time<\/p>\n<p>Settlement facility in respect of the loan amount due from him to<\/p>\n<p>the   Kerala   Financial    Corporation,   who     initiated coercive<\/p>\n<p>proceedings for recovery of the amounts due.            The petitioner<\/p>\n<p>originally took the contention that he has found a purchaser for<\/p>\n<p>the property who is willing to pay much more than what the KFC<\/p>\n<p>would realize by a distress sale. Accordingly, he impleaded the<\/p>\n<p>3rd respondent, who submitted before me that he is willing to pay<\/p>\n<p>an amount of Rs.63,26,500\/- to the KFC on or before 31.7.2008<\/p>\n<p>for the property.    Accordingly, I passed the following interim<\/p>\n<p>order in this writ petition:\n<\/p>\n<blockquote><p>              &#8220;There would be an interim direction to the<br \/>\n        additional  3rd   respondent   to  pay   an   amount  of<br \/>\n        Rs.63,26,500\/- to the 1st respondent-Kerala Financial<br \/>\n        Corporation on or before 31.7.2008, which payment would<br \/>\n        be treated as settlement of the amounts payable by the<br \/>\n        petitioner to the Financial Corporation under the OTS<br \/>\n        Scheme. The question of payment of collection charges<\/p>\n<p><span class=\"hidden_text\">W.P.(c)No.13692\/08                  2<\/span><\/p>\n<p>        would be decided later.        For that purpose, the<br \/>\n        petitioner would implead the State also as respondent<br \/>\n        in the writ petition. However, interest at the rate of<br \/>\n        10.5 per cent would also be paid till the date of<br \/>\n        payment from today&#8221;.\n<\/p><\/blockquote>\n<p>Thereafter, the same has been adjourned from time to time<\/p>\n<p>and ultimately I directed that this case be posted to today so<\/p>\n<p>that the 3rd respondent can pay the amount on or before<\/p>\n<p>31.7.2008.      Today, the petitioner submits that unless the<\/p>\n<p>dispute is finally settled, the 3rd respondent is not willing to pay<\/p>\n<p>the money. The petitioner seeks six more months time.<\/p>\n<p>      I am satisfied that this is only a ploy for protracting the<\/p>\n<p>sale further. Therefore, I am not inclined to give any further<\/p>\n<p>indulgence to the petitioner since admittedly amounts are due<\/p>\n<p>from the petitioner to the KFC in repayment of loan amounts<\/p>\n<p>taken by him.\n<\/p>\n<p>      Accordingly, the writ petition is dismissed.<\/p>\n<p>                                          S. SIRI JAGAN, JUDGE<\/p>\n<p>Acd<\/p>\n<p><span class=\"hidden_text\">W.P.(c)No.13692\/08    3<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kerala High Court Sivadasan vs The Kerala Financial Corporation on 4 August, 2008 IN THE HIGH COURT OF KERALA AT ERNAKULAM WP(C).No. 13692 of 2008(E) 1. SIVADASAN,SREE MURUGA CASHEW FACTORY, &#8230; Petitioner Vs 1. THE KERALA FINANCIAL CORPORATION &#8230; Respondent 2. THE CHIEF MANAGER, KERALA FINANCIAL For Petitioner :SRI.T.M.CHANDRAN For Respondent :SRI.A.A.ABUL HASSAN, SC, KFC [&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-3160","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>Sivadasan vs The Kerala Financial Corporation on 4 August, 2008 - 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\/sivadasan-vs-the-kerala-financial-corporation-on-4-august-2008\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sivadasan vs The Kerala Financial Corporation on 4 August, 2008 - Free Judgements of Supreme Court &amp; 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