Disposed

E.K.Narayanan v. the Recovery Officer,Debt Recovery

Kerala HC1 Apr 2008WP(C)/7404/2008

Case brief

AI extract

What is this about?

The Court rejected the petitioners' request for further extension of time to deposit Rs.5 lakhs to stay sale proceedings. The Court directed that payment of the balance with 10% interest by 7.4.2008 would settle the dues; default would result in resuming sale proceedings.

What did the court decide?

Petition disposed with direction to pay Rs.5 lakhs plus 10% interest by 7.4.2008 to settle dues; default would result in continuation of sale proceedings.

E.K.Narayanan Vs the Recovery Officer,Debt Recovery — Banking and Recovery | Kerala HC (2008)

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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 S.SIRI JAGAN

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TUESDAY, THE 1ST APRIL 2008 / 12TH CHAITHRA 1930

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WP(C).No. 7404 of 2008(F)

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------------------------DRC.2462/2008 of DEBT RECOVERY TRIBUNAL, ERNAKULAM

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PETITIONER:

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E.K.NARAYANAN, EDACHALIL, P.O.CHAMAKKALA, VALAPPAD, CHAVAKKAD, THRISSUR DISTRICT.

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UNNIKRISHNAN, EDACHALIL, P.O.CHAMAKKALA, VALAPPAD, CHAVAKKAD, THRISSUR DISTRICT.

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BY ADV. SRI.K.S.RAJESH

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SRI.M.SHAJU PURUSHOTHAMAN

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RESPONDENTS:

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THE RECOVERY OFFICER, DEBT RECOVERY TRIBUNAL AT ERNAKULAM, 8TH FLOOR, KSHB BUILDINGS, PANAMPILLY NAGAR, COCHIN-682 036.

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CENTURION BANK OF PUNJAB LTD., CHENTHRAPINNI BRANCH, CHENTHRAPINNI, THRISSUR DISTRICT.

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BY ADV. SRI.P.B.SURESH KUMAR

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SRI.P.PARAMESWARAN NAIR,ASST.SOLICITOR

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01/04/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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S.SIRI JAGAN, J.

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==================

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W.P.(C).No.7404 of 2008

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==================

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Dated this the 1^st day of April, 2008 J U D G M E N T

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The petitioners challenge the sale proceedings initiated by the 1^st respondent pursuant to the decree passed in the O.A. filed by the 2^nd respondent bank before the Debts Recovery Tribunal. At the time of admission, an interim order was passed adjourning the sale on condition that the petitioners deposit an amount of Rs.5 lakhs on or before 6.3.2008 and a further amount of Rs.5 lakhs on or before 15.3.2008 with the 2^nd respondent. Later the petitioners moved for extension of time for payment of the 2^nd instalment of Rs.5 lakhs and this Court, by order dated 17.3.2008, granted time upto 31.3.2008. However, the petitioners have not paid that amount by 31.3.2008. The petitioners now submit that they require five more days' time for paying the balance. The 2^nd respondent submits that if the petitioners pay a reasonable interest, the 2^nd respondent would accept the same as full and final settlement of the dues of the petitioners. In the above circumstances, this writ petition is

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w.p.c.7404/08 2

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disposed of with the following directions:

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If the petitioners pay the balance amount of Rs.5 lakhs with 10 per cent interest thereon on or before 7.4.2008, the same would be accepted as full and final settlement of the amounts due from the petitioners, for which the 1^st respondent has initiated the sale proceedings which is the subject matter of this writ petition. However, if the petitioners commit default in payment of the amounts, the 1^st respondent shall continue the sale proceedings as now initiated.

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sdk+

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Sd/S.SIRI JAGAN, JUDGE

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///True copy///

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P.A. to Judge

E.K.Narayanan v. the Recovery Officer,Debt Recovery

Case brief

What is this about?

What did the court decide?

E.K.Narayanan v. the Recovery Officer,Debt Recovery

Case brief

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