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High Court of KeralaWP(C)/19743/2015disposed of

Vineetha K. Viswanath v. Canara Bank

2015-07-06Honourable Mr. Justice A.Muhamed Mustaque4 pages

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.MUHAMED MUSTAQUE MONDAY, THE 6TH DAY OF JULY 2015/15TH ASHADHA, 1937 WP(C).No. 19743 of 2015 (P) ---------------------------------------- PETITIONER(S):

---------------------- VINEETHA K. VISWANATH, AGED 33 YEARS D/O. RAVEENDRAN NAIR, RESIDING AT CHITHIRAM, THENGUVILAKAM, VATTIYOORKAVU PO, THIRUVANANTHAPURAM 695 038.

BY ADVS.SRI.P.A.AHAMMED SRI.THOUFEEK AHAMED RESPONDENT(S):

-------------------------

1. CANARA BANK, SASTHAMANGALAM BRANCH, THIRUVANANTHAPURAM, REPRESENTED BYITS CHIEF MANAGER.

2. AUTHORISED OFFICER, CANARA BANK, SASTHAMANGALAM BRANCH, THRIUVANANTHAPURAM.

BY SRI.PAULY MATHEW MURICKEN,SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06-07-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

PJ

WP(C).No. 19743 of 2015 (P) --------------------------------------- APPENDIX PETITIONER(S)' EXHIBITS ------------------------------------- EXT.P1:

TRUE COPY OF THE PARTNERSHIP DEED DATED 18.8.2014 EXT.P2:

TRUE COPY OF SETTLEMENT DEED NO.123/2004 DATED 13.1.2004 OF SUB REGISTRY OFFICE, CHALAI EXT.P3:

TRUE COPY OF TAX RECEIPT NO.9842096 DATED 15.11.10 EXT.P4:

TRUE COPY OF THE NOTICE NO. RET. 0821/285/6 DATED 17.3.2015 ISSUED BY THE 2ND RESPONDENT EXT.P5:

TRUE COPY OF THE ADVERTISEMENT IN MATHRUBHOOMI DAILY DATED 21.6.2015 EXT.P6:

TRUE COPY OF THE APPLICATION FILED BY THE PETITIONER BEFORE THE 1ST RESPONDENT DATED 21.6.2015 RESPONDENT(S)' EXHIBITS --------------------------------------- NIL.

/ TRUE COPY / P.S. TO JUDGE PJ

A.MUHAMED MUSTAQUE, J.

******************************************************* W.P.(C) No.19743 of 2015 ******************************************************* Dated this the 6th day of July, 2015

JUDGMENT

Petitioner, impugning SARFAESI proceedings, has approached this Court. The firm, in which, the petitioner is a partner availed a trade loan. The petitioner has given personal guarantee as well as the petitioner's property as the secured assets. The liability is more than Rs.65 lakhs. The sale is scheduled on 30.7.2015.

2.

It is submitted by the learned counsel for the Bank that they have not taken physical possession of the property and took only symbolic possession.

Taking note of the facts and circumstances, this writ petition is disposed of with the following directions: i. The petitioner shall deposit Rs.5 lakhs on or before 29.7.2015.

ii. If the petitioner deposits the above amount, the petitioner shall be given time to discharge the entire liability on the following terms and conditions:

W.P.(C) No.19743 of 2015 2 a. The petitioner shall deposit another Rs.10 lakhs within two months thereafter.

b. Thereafter, the petitioner shall be given four more months time to discharge the entire liability.

c. In the event, the petitioner commits default in honouring the above conditions; the Bank is free to proceed against the petitioner in accordance with law.

Sd/- A.MUHAMED MUSTAQUE, JUDGE ln