{"id":85634,"date":"2008-11-25T00:00:00","date_gmt":"2008-11-24T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/jayalakshmi-builders-pvt-ltd-vs-kerala-financial-corporation-on-25-november-2008"},"modified":"2017-11-15T23:46:33","modified_gmt":"2017-11-15T18:16:33","slug":"jayalakshmi-builders-pvt-ltd-vs-kerala-financial-corporation-on-25-november-2008","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/jayalakshmi-builders-pvt-ltd-vs-kerala-financial-corporation-on-25-november-2008","title":{"rendered":"Jayalakshmi Builders Pvt.Ltd vs Kerala Financial Corporation on 25 November, 2008"},"content":{"rendered":"
Kerala High Court<\/div>\n
Jayalakshmi Builders Pvt.Ltd vs Kerala Financial Corporation on 25 November, 2008<\/div>\n
       \n\n  \n\n  \n\n \n \n  IN THE HIGH COURT OF KERALA AT ERNAKULAM\n\nWP(C).No. 32954 of 2008(W)\n\n\n1. JAYALAKSHMI BUILDERS PVT.LTD.,\n                      ...  Petitioner\n\n                        Vs\n\n\n\n1. KERALA FINANCIAL CORPORATION,\n                       ...       Respondent\n\n                For Petitioner  :SRI.E.K.NANDAKUMAR\n\n                For Respondent  :SRI.R.S.KALKURA\n\nThe Hon'ble MR. Justice V.GIRI\n\n Dated :25\/11\/2008\n\n O R D E R\n                       V.GIRI, J\n                     -------------------\n          W.P.(C)s.32954\/2008 & 33186\/2008\n                     --------------------\n       Dated this the 25th day of November, 2008\n\n                     JUDGMENT\n<\/pre>\n
      The issue raised in these writ petitions are<\/p>\n
identical in so far it relates to the challenge to the<\/p>\n
action taken by the Kerala Financial Corporation to<\/p>\n
bring to sale the property in relation to which a loan<\/p>\n
facility was availed by the petitioner in Writ petition<\/p>\n
No.32954\/2008. I will refer to the facts in Writ Petition<\/p>\n
No. 32954\/2008 in the first instance.<\/p>\n
2.    Petitioner Company availed of financial assistance<\/p>\n
to the tune of Rs.1.5       Crores from the respondent<\/p>\n
Corporation for construction of an apartment complex.<\/p>\n
Mortgage was created by deposit of title deeds. It now<\/p>\n
turns out that the property mortgaged, in which the<\/p>\n
construction was put up belongs to the petitioner in<\/p>\n
Writ Petition No.33186\/2008 and the petitioners in<\/p>\n
both these writ petitions were associated in a joint<\/p>\n
venture.\n<\/p>\n
W.P.(C).32954 & 33186\/2008
\n                              2<\/span><\/p>\n
3.    The project could not be completed as there was<\/p>\n
default in re-payment of the loan availed by the<\/p>\n
petitioner in Writ petition No.32954\/2008. It ended in<\/p>\n
Ext.P2 letter dated 12.8.2008, whereunder Corporation<\/p>\n
agreed for an One Time Settlement of the dues on the<\/p>\n
loanee remitting an amount of Rs.250 Lakhs on or before<\/p>\n
25.8.2008. Petitioner approached the Corporation and<\/p>\n
requested for three months’ time to arrange the One<\/p>\n
Time     Settlement.      According  to the   petitioner,<\/p>\n
Corporation agreed for        extension of time, though<\/p>\n
there is a dispute as to whether this was actually done.<\/p>\n
Petitioner approached this Court in the wake of Ext.P4<\/p>\n
letter issued by the Corporation pointing out that the<\/p>\n
Corporation has decided to sell the mortgaged assets to<\/p>\n
one Ajithkumar, Friends Colony, New Delhi,       for an<\/p>\n
amount of Rs.4 Crores        and that it is open to the<\/p>\n
petitioner to remit an amount of Rs.4 Crores,       if he<\/p>\n
wants to save the property as such. After hearing the<\/p>\n
learned counsel for the petitioner and learned Standing<\/p>\n
Counsel for the Corporation, this Court had passed an<\/p>\n
W.P.(C).32954 & 33186\/2008
\n                               3<\/span><\/p>\n
interim order directing further steps, with regard to the<\/p>\n
sale of the property be kept in abeyance provided the<\/p>\n
petitioner pays an amount of Rs.2.5 Crores on or before<\/p>\n
30.11.2008.\n<\/p>\n<\/p>\n
4.    Writ petition No.33186\/2008         was filed on<\/p>\n
10.11.2008 by the owner of the mortgaged property and<\/p>\n
the essential contention in the said writ petition is that<\/p>\n
the land forming part of the mortgaged property belongs<\/p>\n
to him and that he had entered into a joint venture with<\/p>\n
the petitioner in Writ petition No.32954\/2008 and he<\/p>\n
had proceeded to make an offer of Rs.4 Crores to the<\/p>\n
Corporation.\n<\/p>\n<\/p>\n
5.    When Writ Petition No.33186\/2008 came up for<\/p>\n
consideration,     I directed that the same be taken up<\/p>\n
along with Writ Petition No.32954\/2008.<\/p>\n
6.    I heard Mr.Shaffique, learned senior counsel for<\/p>\n
the    petitioner     in  Writ  Petition No.32954\/2008,<\/p>\n
W.P.(C).32954 & 33186\/2008
\n                                4<\/span><\/p>\n
Mr.K.R.B.Kaimal,       learned   senior counsel  for  the<\/p>\n
petitioner    in   Writ   Petition  No.33186\/2008    and<\/p>\n
Mr.R.S.Kalkura, learned counsel appearing for the KFC<\/p>\n
in both the writ petitions.\n<\/p>\n<\/p>\n
7.    I was inclined to seriously consider the offer made<\/p>\n
by the petitioner in Writ Petition No.33186\/2008 for<\/p>\n
payment of an amount of Rs.2.5 Crores, subject to a<\/p>\n
reasonable enhancement of the same, because that was<\/p>\n
the amount which was projected for             One Time<\/p>\n
Settlement in Ext.P2 in Writ petition No.32954\/2008.<\/p>\n
But in circumstances where the owner of the property<\/p>\n
namely the petitioner in Writ Petition No.33186\/2008<\/p>\n
has come forward with an offer of Rs.4 Crores, it would<\/p>\n
not be fair or in public interest to still require the<\/p>\n
Corporation to abide by the original offer of Rs.2.5<\/p>\n
Crores.\n<\/p>\n<\/p>\n
8.    Once again I take note of the fact that         the<\/p>\n
petitioner in Writ Petition No.33186\/2008 was the owner<\/p>\n
W.P.(C).32954 & 33186\/2008
\n                             5<\/span><\/p>\n
of the property originally mortgaged and a construction<\/p>\n
was made therein, only pursuant to a joint venture<\/p>\n
between the petitioners in these two cases.<\/p>\n
9.   But I am of the view that a reasonable opportunity<\/p>\n
must be given to the petitioner in Writ Petition<\/p>\n
No.33186\/2008 to pay the Corporation an amount of Rs.4<\/p>\n
Crores as offered by him. Mr.Kalkura, learned counsel<\/p>\n
for the Corporation submits that the person who is the<\/p>\n
bidder     of the property,  referred to in Ext.P5,    is<\/p>\n
apparently willing to remit an amount of Rs.4 Crores<\/p>\n
without further delay. This may be so. After all, the<\/p>\n
owner of the property must be given a reasonable chance<\/p>\n
to redeem his property and there cannot be          any<\/p>\n
corresponding interest in favour of a stranger bidder for<\/p>\n
the property. If he has remitted any amount, he must be<\/p>\n
refunded the same along with interest at a reasonable<\/p>\n
rate.\n<\/p>\n
W.P.(C).32954 & 33186\/2008
\n                               6<\/span><\/p>\n
10. In the result, writ petitions are disposed of with the<\/p>\n
following directions.\n<\/p>\n<\/p>\n
         (i).   Petitioner    in    Writ     Petition<\/p>\n
         No.33186\/2008 shall make a payment of<\/p>\n
         Rs.4 Crores with interest at the rate of<\/p>\n
         12%, to be levied with effect from<\/p>\n
         1.12.2008,       on or before 15.1.2009.<\/p>\n
         Payment may be made either in lump or in<\/p>\n
         instalments within the time mentioned<\/p>\n
         above.\n<\/p>\n<\/p>\n
         (ii). If     such   payment      is   made,<\/p>\n
         Corporation shall consider the same as a<\/p>\n
         settlement of dues incurred by the loanee,<\/p>\n
         the      petitioner   in    Writ    petition<\/p>\n
         No.32954\/2008.\n<\/p>\n<\/p>\n
         (iii). If any amount has been deposited by<\/p>\n
         the bidder, same shall be refunded to him<\/p>\n
         immediately      after 15.1.2009 and the<\/p>\n
         bidder shall also be entitled to 12%<\/p>\n
         interest on the amount of Rs.5 Lakhs<\/p>\n
         deposited by him with      the Corporation.<\/p>\n
         The liability thereon shall also be borne by<\/p>\n
         the      petitioner   in    Writ    Petition<\/p>\n
W.P.(C).32954 & 33186\/2008
\n                               7<\/span><\/p>\n
         No.33186\/2008, provided      he proceeds to<\/p>\n
         effect payment as directed in direction<\/p>\n
         No.1 above.\n<\/p>\n<\/p>\n
         (iv). It is made clear that if the petitioner<\/p>\n
         in Writ Petition No.33186\/2008 fails to<\/p>\n
         make      the    payment  in   the   manner<\/p>\n
         aforementioned, then it will be open to the<\/p>\n
         Corporation      to  proceed   against    the<\/p>\n
         property as proposed and obviously any<\/p>\n
         expenses incurred by them in this regard<\/p>\n
         could also be recovered from the defaulter.<\/p>\n
         I have not considered the rights inter se<\/p>\n
         the petitioners in the writ petitions, which<\/p>\n
         will have to be worked out by them in<\/p>\n
         accordance with the terms and conditions<\/p>\n
         contained in any joint venture agreement<\/p>\n
         entered into by them.\n<\/p>\n<\/p>\n
                                      V.GIRI,
\n                                      Judge<\/p>\n
mrcs<\/p>\n","protected":false},"excerpt":{"rendered":"
Kerala High Court Jayalakshmi Builders Pvt.Ltd vs Kerala Financial Corporation on 25 November, 2008 IN THE HIGH COURT OF KERALA AT ERNAKULAM WP(C).No. 32954 of 2008(W) 1. JAYALAKSHMI BUILDERS PVT.LTD., … Petitioner Vs 1. KERALA FINANCIAL CORPORATION, … Respondent For Petitioner :SRI.E.K.NANDAKUMAR For Respondent :SRI.R.S.KALKURA The Hon’ble MR. Justice V.GIRI Dated :25\/11\/2008 O R D […]<\/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-85634","post","type-post","status-publish","format-standard","hentry","category-high-court","category-kerala-high-court"],"yoast_head":"\nJayalakshmi Builders Pvt.Ltd vs Kerala Financial Corporation on 25 November, 2008 - Free Judgements of Supreme Court & 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\/jayalakshmi-builders-pvt-ltd-vs-kerala-financial-corporation-on-25-november-2008\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jayalakshmi Builders Pvt.Ltd vs Kerala Financial Corporation on 25 November, 2008 - 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