Disposed

P.M.Sasidharan v. Uco Bank and Others

Kerala HC19 Feb 2009WA/392/2009

Case brief

AI extract

What is this about?

The High Court of Kerala addressed a writ appeal against an order permitting seizure and sale of mortgaged property under the SARFAESI Act. The court offered an opportunity to the petitioner to pay part of the dues and approach the Debt Recovery Tribunal to contest the extent of sale, while reserving the right of the bank to proceed if no such application is filed.

What did the court decide?

Stay on Ext.P1 proceedings if petitioner pays Rs. Two lakhs and files an application before the Debt Recovery Tribunal within two weeks.

P.M.Sasidharan Vs Uco Bank and Others — Contract and Commercial Disputes | Kerala HC (2009)

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IN THE HIGH COURT OF KERALA AT ERNAKULAM

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PRESENT :

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THE HON'BLE THE ACTING CHIEF JUSTICE MR.J.B.KOSHY & THE HONOURABLE MR. JUSTICE V.GIRI

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THURSDAY, THE 19TH FEBRUARY 2009 / 30TH MAGHA 1930

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WA.No. 392 of 2009

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--------------------------AGAINST THE JUDGEMENT IN W.P.(C).NO.35380/2008 DATED 04/02/2009

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APPELLANT/ PETITIONER:

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

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P.M.SASIDHARAN, RESIDING AT PAMPINJAL (P.O) KAKKASSERY (VIA) CHITTATTUKARA, THRISSUR DISTRICT.

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BY ADVS. MR.C.VALSALAN, MR.K.RAKESH ROSHAN, SMT.THUSHARA.V.

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RESPONDENTS/ RESPONDENTS:

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

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1. UCO BANK, THRISSUR BRANCH, SWARAJ ROUND EAST, TRICHUR, PIN - 680 001, REPRESENTED BY ITS BRANCH MANAGER.

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2. AUTHORISED OFFICER, UCO BANK, THIRUVANANTHAPURAM

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3. M/S.FASHION HOUSE, MAIN ROAD, PAVARATTY, REP. BY MANAGING PARTNER MRS.NEENA SHAJAN.

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R1 & R2 BY MR. GEORGE K. VARGHESE, S.C, R3 BY ADV. MR. B.H. MANSOOR.

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THIS WRIT APPEAL HAVING COME UP FOR ADMISSION ON 19/02/2009,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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prv.

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J.B. Koshy,Ag.C.J. & V.Giri, J.

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W.A. No. 392 of 2009

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Dated this the 19^th day of February, 2009

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Judgment

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Koshy, Ag.C.J.

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Appellant/Petitioner is a partner of M/s.Fashion House, Pavaratti. He is conducting a super market. They availed overdraft facility from the first respondent bank. According to the petitioner, due to financial difficulties, their business collapsed and closed. Petitioner mortgaged 61 1/4 cents of property by deposit of title deeds by Ext.P1. Bank has taken possession of the above under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act. It is the case of the petitioner that the entire property need not be sold for realization of the amount. Even part of the property will be enough for satisfying the amount due to the bank. Statement of account was not given. These are matters where factual disputes have to be looked into. What is the extent of loan, what is the price that will fetch for the land etc. has to be considered. A practical approach has to be taken in all these matters. If petitioner pays Rs.Two lakhs towards the dues within two weeks from today and files an application before the Debt Recovery Tribunal, the Debt Recovery Tribunal shall consider his contentions and proceedings

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W.A.No.392/2009

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shall be postponed until DRT passes the order. If the petitioner files the application within two weeks from today, the DRT should consider the same within another three weeks. However, Ext.P1 proceedings can continue if petitioner is not approaching the DRT within two weeks from today.

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The writ appeal is disposed of accordingly.

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J.B.Koshy Acting Chief Justice

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V. Giri

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Judge

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vaa

P.M.Sasidharan v. Uco Bank and Others

Case brief

What is this about?

What did the court decide?

P.M.Sasidharan v. Uco Bank and Others

Case brief

What is this about?

What did the court decide?

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