Disposed

M/S.Fifa Builders Pvt.Ltd. v. the South Indian Bank Ltd.

Kerala HC24 May 2007WP(C)/13657/2007

Case brief

AI extract

What is this about?

Writ petition challenging bank recovery proceedings disposed of. Court allowed status quo for three months based on petitioners' undertaking to clear dues. Directed handover of mortgaged properties on default and reserved power to initiate contempt.

What did the court decide?

WP(C) disposed allowing status quo for three months; direction to hand over mortgaged properties by 24/08/2007; power reserved to initiate contempt if default occurs.

M/S.Fifa Builders Pvt.Ltd. Vs the South Indian Bank Ltd. — Banking and Recovery | Kerala HC (2007)

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IN THE HIGH COURT OF KERALA AT ERNAKULAM

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PRESENT :

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THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR

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THURSDAY, THE 24TH MAY 2007 / 3RD JYAISHTA 1929

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WP(C).No. 13657 of 2007(A)

PETITIONER:

FIFA BUILDERS (P) LTD., FIFA TOWERS, PANAYAPILLY, COCHIN-2, REPRESENTED BY ITS MANAGING DIRECTOR, C.A.NAZAR.

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C.A. NAZAR, S/O. LATE ABOO,

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CC 1/325, ROSS STREET, FORT KOCHI,KOCHI-682 001.

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A.K. KHADEEJA, W/O. LATE ABOO, CC 2/855, CHERIYIL HOUSE, C.P. CANAL ROAD, FORT KOCHI, KOCHI-682 001.

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ABYUSABI, W/O. C.A. NAZAR, CC 1/325, ROSS STREET, FORT KOCHI,KOCHI-682 001.

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BY ADV. SRI.V.V.ASOKAN

SMT.S.AMINA

RESPONDENTS:

THE SOUTH INDIAN BANK LTD., MATTANCHERRY BRANCH, ERNAKULAM.

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DEBT RECOVERY TRIBUNAL, ERNAKULAM.

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RECOVERY OFFICER,

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DEBT RECOVERY TRIBUNAL, ERNAKULAM.

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BY ADV. SHRI.K.PRABHAKARAN, SC FOR R1

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ADV. SHRI. JOHN ARGHESE, FOR R2 & R3

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 24/05/2007, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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C.N.RAMACHANDRAN NAIR, J.

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WP(C) No. 13657 of 2007

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Dated, this the 24^th day of May, 2007

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J U D G M E N T

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Heard the counsel for the petitioners and Shri.K.Prabhakaran appearing for the 1^st respondent. In view of the substantial payment made after initiation of recovery proceedings and the balance is only less than Rs. 10 lakhs and since petitioners have undertaken to clear the entire arrears with interest within three months from today, I dispose of the WP(C) grating three months time for payment based on the undertaking furnished, with direction to the petitioners to hand over possession of the mortgaged properties to the 3^rd respondent if liability is not settled on or before 24/08/2007. If payment is not made and possession of the mortgaged property is not handed over to the respondents in terms of the above direction, 1^st respondent is free to move this Court for initiating contempt against the petitioners. Recovery proceedings will be kept in abeyance till 24/08/2007.

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This WP(C) is disposed of as above.

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(C.N.RAMACHANDRAN NAIR, JUDGE.)

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M/S.Fifa Builders Pvt.Ltd. v. the South Indian Bank Ltd.

Case brief

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M/S.Fifa Builders Pvt.Ltd. v. the South Indian Bank Ltd.

Case brief

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