Young Men’S Christian … vs United Bank Of India on 10 December, 2008

       

  

  

 
 
  IN THE HIGH COURT OF KERALA AT ERNAKULAM

WP(C).No. 35800 of 2008(J)


1. YOUNG MEN'S CHRISTIAN ASSOCIATION,
                      ...  Petitioner

                        Vs



1. UNITED BANK OF INDIA, REGIONAL OFFICE,
                       ...       Respondent

2. UNITED BANK OF INDIA, KANNUR ROAD BRANCH

                For Petitioner  :SRI.T.R.RAVI

                For Respondent  : No Appearance

The Hon'ble MR. Justice THOTTATHIL B.RADHAKRISHNAN

 Dated :10/12/2008

 O R D E R
        THOTTATHIL B. RADHAKRISHNAN, J.

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          W.P.(C).No.35800 of 2008-J

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   Dated this the 10th day of December, 2008.

                   JUDGMENT

Heard.

The petitioner is YMCA. It has two buildings in a

plot. It availed a facility from the respondents,

defaulted in repayment and is facing SARFAESI Act

proceedings. The income generated from the

buildings appears to be wholly insufficient to

pay off the outstandings. Under such

circumstances, to sustain the petitioner’s

activities as a non-profit establishment with

certain philanthropic activities, the learned

counsel for the petitioner requested that the

respondents should bestow attention to the

possibility of bifurcating the interest and

selling off one building which, according to the

petitioner, will fetch the entire outstandings.

WP(C)35800/08 -: 2 :-

Recording this submission, the petitioner is

directed to make appropriate appearance before

the second respondent and have the matter worked

out. If that does not work out, it will be open

to the respondents to sell the entire security

property to realize the outstandings. Let the

petitioner make appearance before the second

respondent through competent authorized

representative within three weeks from now. To

enable the aforesaid proceedings, the impugned

proceedings will stand suspended for 45 days. If

the petitioner does not appear before the second

respondent within the time stipulated, the

benefits of this judgment will stand recalled and

the respondents will be at liberty to sell the

entire property, without fresh notice to the

petitioner. The writ petition is ordered

accordingly.

THOTTATHIL B. RADHAKRISHNAN,
JUDGE.

Sha/121208