The Court granted a stay of recovery proceedings and sale of mortgaged properties pending settlement of bank loans by the appellants within three months, on condition of full payment by November 1, 2011.
Stay on recovery proceedings and sale of mortgaged property until November 1, 2011, pending full settlement of bank loans.
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IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT : THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR & THE HONOURABLE MR. JUSTICE P.S.GOPINATHAN MONDAY, THE 1ST AUGUST 2011 / 10TH SRAVANA 1933 WA.No. 961 of 2011() -------------------AGAINST THE JUDGEMENT/ORDER IN WPC.16646/2011 ....................
APPELLANT(S)/PETITIONERS :-
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1. SARASWATHY AMMA, W/O. SUNDERASAN PILLAI, S.S.BHAVAN, PERINAD, EDAVATTAM, KOLLAM.
2. SUSHAMA KUMARI, D/O. SUNDERASAN PILLAI, S.S.BHAVAN, PERINAD, EDAVATTAM, KOLLAM.
3. SUNIL KUMAR, S/O. SUNDERASAN PILLAI, S.S.BHAVAN, PERINAD, EDAVATTAM, KOLLAM.
BY ADV. SRI.O.D.SIVADAS
RESPONDENT(S)/RESPONDENTS :-
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1. THE SECRETARY, THE VELIMON SERVICE CO-OPERATIVE BANK LTD.NO.2355, VELIMON P.O., KOLLAM DISTRICT – 691 511.
2. THE VELIMON SERVICE CO-OPERATIVE BANK LTD.NO.2355, VELIMON P.O., KOLLAM DISTRICT, REPRESENTED BY ITS SECRETARY – 691 511.
3. THE JOINT REGISTRAR OF CO-OPERATIVE SOCIETIES, KOLLAM – 691 001.
GOVERNMENT PLEADER MR.GEORGE MECHERIL
THIS WRIT APPEAL HAVING COME UP FOR ADMISSION ON 01/08/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
jvt
C.N.RAMACHANDRAN NAIR & P.S.GOPINATHAN, JJ.
W.A. No.961 of 2011
Dated this the 1st day of August 2011
J U D G M E N T
Ramachandran Nair, J.
When the writ appeal came up for admission, we granted stay for two weeks and as per our order, notice was served on respondents. There is no appearance for the respondents. However, we do not want to keep this matter pending because appellants want only three months time to sell part of their property and settle the liability. In view of the undertaking given by the counsel for the appellants, we direct the respondents to withhold all further proceedings for recovery of the award amount due from the appellants on condition that entire payment will be made on or before 1st November, 2011. Further, on production of copy of this judgment before the first respondent, the sale proceedings will be kept in abeyance till then. However, if the appellants fail to settle the liability as
W.A. No.961 of 2011
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directed above, there will be a direction to the appellants to vacate from the mortgaged property and handover possession to the first respondent for immediate sale of the same in public auction. On failure of the appellants to comply with the above direction, the respondents can approach this Court for initiating contempt against the appellants for violation of undertaking. The appellants are also given freedom to negotiate for sale of the mortgaged property and enter into agreement for sale. However, sale deed will be executed only on payment of the full arrears due to the bank, either by the appellants or under agreement by the purchaser. It is also up to the appellants, instead of waiting for three months to raise funds to settle the three loans together but to settle loans one after another so that released property can be sold without any concurrence from the bank.
C.N.RAMACHANDRAN NAIR, JUDGE.
P.S.GOPINATHAN, J UDGE.
Jvt
1 issue framed by the court
Whether to grant a stay on recovery proceedings and sale of mortgaged property upon undertaking to settle loans within three months.
1 provisions across 1 enactments
SARASWATHY AMMA
SUSHAMA KUMARI
SUNIL KUMAR
THE SECRETARY, THE VELIMON SERVICE CO-OPERATIVE BANK LTD.
THE JOINT REGISTRAR OF CO-OPERATIVE SOCIETIES, KOLLAM
C.N.RAMACHANDRAN NAIR
P.S.GOPINATHAN
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
