Disposed

Johny Paul v. Tamilnadu Mercantile Bank Ltd. and Ors.

Kerala HC22 Dec 2011OP (DRT)/4005/2011

Case brief

AI extract

What is this about?

Appeal against an interim order directing payment of instalments. The bench granted indulgence by further extending the time for payment of the second instalment from 30.12.2011 to 31.12.2011, while staying the stay of sale until 7.2.2012 and advising the party to undertake contentions before the Tribunal.

What did the court decide?

The deadline for payment of the second instalment extended to 31.12.2011, and stay on sale extended till 07.02.2012.

Johny Paul Vs Tamilnadu Mercantile Bank Ltd. and Ors. — Banking and Recovery | Kerala HC (2011)

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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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THURSDAY, THE 22ND DAY OF DECEMBER 2011/1ST POUSHA 1933

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OP(DRT) No. 4005 of 2011 (O) ============================

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(ORDER DATED 02/12/2011 IN S.A. NO: 173/2011 OF THE DEBT RECOVERY TRIBUNAL, ERNAKULAM

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PETITIONER/APPLICANT:-

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JOHNY PAUL, S/O. POULOSE, AGED 54 YEARS, RESIDING AT PUTHENKUDI HOUSE, KURUPPAMPADY P.O., KURUPPAMPADY, RAYAMANGALAM VILLAGE, KUNNATHUNADU TALUK, ERNAKULAM-683 545.

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BY ADV. SRI. N. ANILKUMAR SRI. M. HARISHARMA

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RESPONDENTS/DEFENDANTS:-

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1. TAMILNADU MERCANTILE BANK LTD., XL, 1ST FLOOR, T.D. ROAD, FLOWER JUNCTION, ERNAKULAM, KOCHI- 682 035 REPRESENTED BY ITS BRANCH MANAGER.

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2. M/S.SMART LINES, OPP.INDIA VISION BUILDING, N.H. BYEPASS, PALARIVATTOM, ERNAKULAM-682019 REPRESENTED BY S.SUNNY, PROPRIETOR.

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3. S. SUNNY, S/O. S. SATYANESAN, H.NO. 30/1918-B, MAMBARA ROAD, CHALIKKAVATTOM, VYTILLA, KOCHI- 682 019.

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4. Y.M NIHAR SAIT, S/O. E.M. YAKOOB SAIT, H. NO: 15/1232, RAYANIHAS, UNICHIRATHICAVU, C.P. NAGAR POST, ERNAKULAM - 682 033.

CONTD. --2--

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OP(DRT) No. 4005 of 2011 (O)

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5. LAL SYLUM, S/O. RAJAPPA SYLUM, ZION HOUSE, VADACODE POST, KANGARAPPADY, ERNAKULAM - 682 021.

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ADV. SRI. V.V. SURENDRAN FOR R1 ADVS. SRI. N. SUBRAMANIAM SRI. M.S. NARAYANAN FOR R2 & R4 ADV. SRI. P.T. GIRIJA FOR R5

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THIS OP (DEBT RECOVERY TRIBUNAL) HAVING COME UP FOR ADMISSION ON 22-12-2011 , THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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OP(DRT) No. 4005 of 2011 (O)

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APPENDIX

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PETITIONER'S EXHIBITS:-

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1. EXT. P1 - COPY OF THE SECURITISATION APPLICATION AS S.A. NO: 731/2011 BEFORE THE DEBTS RECOVERY TRIBUNAL, ERNAKULAM.

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2. EXT. P2 - COPY OF THE INTERLOCUTORY APPLICATION HAVING NO: 2695/2011 IN S.A. NO: 731/2011.

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3. EXT. P3 - COPY OF THE ORDER DATED 02/12/2011 IN I.A. NO: 2695/2011 IN S.A. NO: 731/2011 OF THE D.R.T., ERNAKULAM.

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RESPONDENTS' EXHIBITS:- NIL

//TRUE COPY//

P.A. TO JUDGE.

S. SIRI JAGAN, J.

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O.P.(DRT) No.4005 of 2011

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Dated this the 22^nd day of December, 2011

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JUDGMENT

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The petitioner challenges Ext.P3 interim order passed by the Debt Recovery Tribunal, Ernakulam in I.A. No.2695/2011 in Securitisation Application No.731/2011. By that order, the Tribunal has directed the petitioner to pay Rs.10 lakhs on or before 9.12.2011 and another Rs.10 lakhs on or before 30.12.2011. On that condition, the sale of the secured asset was deferred for three weeks till 31.12.2011. According to the petitioner, the petitioner is not liable to pay anything more than Rs.10 lakhs, he being not the borrower.

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I am of opinion that, that is a mater which the petitioner has to urge before the Debts Recovery Tribunal. However, I am inclined to grant some indulgence to the petitioner for extension of time for payment of the instalments as directed

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by the Tribunal. I have already permitted the petitioner to pay the first instalment on or before 21/12/2011. It is admitted that, that has been paid. The second instalment as per Ext.P3 shall be

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O.P.(DRT)No.4005/11

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paid on or before 31.12.2011. On that condition the stay granted by the Tribunal will stand extended till 7.2.2012. The petitioner can take up all further contentions before the Tribunal.

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The O.P.(DRT) is disposed of as above.

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S. SIRI JAGAN, JUDGE

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acd

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O.P.(DRT)No.4005/11 3

Johny Paul v. Tamilnadu Mercantile Bank Ltd. and Ors.

Case brief

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Johny Paul v. Tamilnadu Mercantile Bank Ltd. and Ors.

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