Disposed

Mercy Mathew v. Kerala Financial Corporation

Kerala HC7 Apr 2011WP(C)/9489/2011

Case brief

AI extract

What is this about?

In this writ petition, the petitioner, an agriculturist, sought breathing time to clear a loan liability of Rs. 2,68,000 (one-time settlement) owed to the Kerala Financial Corporation (KFC). The Court granted a stay on coercive proceedings until the amount, along with belated interest of 12% per annum, was deposited by 31-05-2011 (date corrected by subsequent order from 31-04-2011).

What did the court decide?

Petitioner granted extension to clear OTS loan liability and pay 12% interest by 31-05-2011; coercive proceedings stayed conditionally.

Mercy Mathew Vs Kerala Financial Corporation — Contract and Commercial Disputes | Kerala HC (2011)

¶1

IN THE HIGH COURT OF KERALA AT ERNAKULAM

¶2

PRESENT :

¶3

THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 7TH APRIL 2011 / 17TH CHAITHRA 1933

¶4

WP(C).No. 9489 of 2011(I) -------------------------------------

¶5

PETITIONER(S): -----------------------

¶6

MERCY MATHEW, AGED 35 YEARS, W/O.ARUN MATHEW THOMAS, PALM COURT, IDUKKI ROAD, THODUPUZHA.

¶7

BY ADVS. SRI.M.L.SAJEEVAN SRI.JAISON JOSEPH SRI.M.N.SANJITH

¶8

RESPONDENT(S):

¶9

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

¶10

1. KERALA FINANCIAL CORPORATION PAZHAMANNIL JESSY TOWERS, COLLEGE ROAD, PATHANAMTHITTA, REPRESENTED BY ITS MANAGING DIRECTOR, PIN-689 645.

¶11

2. BRANCH MANAGER, KERALA FINANCIAL CORPORATION, BRANCH OFFICE AT PAZHAMANNIL JESSY TOWERS, COLLEGE ROAD, PATHANAMTHITTA-689 645.

¶12

R1 & R2 BY ADV. SRI.A.A.ABUL HASSAN, SC, KFC

¶13

THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 07/04/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

¶14

sts

¶15

P.R.RAMACHANDRA MENON, J

¶16

W.P.(C) No. 9489 OF 2011

¶17

Dated this the 7^th day of April 2011

¶18

JUDGMENT

¶19

The petitioner has come before this Court expressing willingness to satisfy the entire liability in respect of the loan availed by her husband, from the respondent/KFC, however seeking for granting some breathing time to clear the amount ordered to be satisfied by way of 'OTS'.

¶20

As borne by Ext.P1 dated 25-01-2011, the liability under the loan transaction was finalized under 'OTS' pointing out the total amount payable as Rs.2,68,000/- as on 18-03-2011, which had to be satisfied on or before the said date. The petitioner has preferred Ext.P2 dated 16-03-2011 seeking for some extension of time in this regard, pointing out that the petitioner is ready to satisfy the due amount as aforesaid, with interest for the extended period, which is pending. It is in the said circumstance, that the petitioner is before this Court seeking for appropriate relief.

¶21

Heard the learned standing counsel appearing for the 1^st respondent as well, who submits on instructions that the respondents have already granted the benefit of OTS enabling the defaulter to clear the liability, which opportunity was not made use of.

¶22

W.P.(C) No. 9489/2011

¶23

¶24

Taking note of the particular facts and circumstances narrated in the Writ Petition and considering the bonafide attempt stated as being made by the petitioner to clear the liability on behalf of her husband, this Court finds it fit and proper to grant a reasonable time before further coercive proceedings are pursued against the property in question.

¶25

In the said circumstances, the petitioner is directed to deposit the entire amount of OTS covered by Ext.P1 on or before 31-04-2011 with belated interest (12% simple interest per annum) along with the incidental expenses, if any, (to be stipulated by the respondents); on which event the respondents shall record the satisfaction and pursue further steps so as to give effect to Ext.P1. The proceedings as above shall be finalized as expeditiously as possible. It is also made clear that, if any default is made from the part of the petitioner in satisfying the due amount, the respondents will be at liberty to proceed with further steps for realization of the entire amount in a lump.

¶26

Writ Petition is disposed of.

¶27

P.R.RAMACHANDRA MENON

¶28

JUDGE

¶29

vdv

¶30

The date “31/04/2011” occurred in the 3^rd line of the 5^th paragraph of the judgment dated 07-04-2011 in W.P.(C) 9489/2011 is corrected and substituted as

¶31

W.P.(C) No. 9489/2011

¶32

¶33

“31-05-2011”, as per order dated 27-05-2011 in I.A 7454/2011.

¶34

Sd/- Registrar (Judicial)

Mercy Mathew v. Kerala Financial Corporation

Case brief

What is this about?

What did the court decide?

Mercy Mathew v. Kerala Financial Corporation

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

Georgekutty Vs State of Kerala

Annamma Skaria Vs the Executive Engineer, PWD

C.B.A Sidhique Vs the Chairman and Others

K.a.Joseph Vs State of Kerala

Shyamala Thankappan Vs Tahsildar

M/S Atlantic Corporation Vs the Commissioner of Customs and Another