Disposed

Nazar A.K. v. the Managing Director, Ksfe Ltd.

Kerala HC20 Nov 2013WP(C)/24035/2013

Case brief

AI extract

What is this about?

A petition by a guarantor seeking waiver of penal interest in a kuri transaction sought a stay on coercive attachment proceedings. The court permitted the filing of a representation and temporarily stayed attachment conditioned on remitting part of the debt.

What did the court decide?

Coercive attachment proceedings stayed subject to remitting Rs. 50,000; permission to submit representation for penalty waiver within three weeks.

Nazar A.K. Vs the Managing Director, Ksfe Ltd. — Banking and Recovery | Kerala HC (2013)

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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 V.CHITAMBARESH

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WEDNESDAY, THE 20TH DAY OF NOVEMBER 2013/29TH KARTHIKA, 1935

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WP(C).No. 24035 of 2013 (D)

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PETITIONER(S):

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NAZAR A.K. AGED 48 YEARS S/O. ALIYAR KUNHU, RESIDING AT 'AL-SAFA VILLA' MUDAPURAM.P.O., CHIRAYINKEEZHU, KIZHUVILAM VILLAGE THIRUVANANTHAPURAM-695104.

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BY ADVS.SRI.T.K.SASINDRAN

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SRI.T.S.SHYAM PRASANTH

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RESPONDENTS:

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1. THE MANAGING DIRECTOR, KSFE LTD. KSFE LTD. HEAD OFFICE, 'BHADRATHA', MUSUEM ROAD CHEMBUKAVU, THRISSUR-680020.

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2. THE SPECIAL DEPUTY TAHSILDAR(REVENUE RECOVERY) KSFE LTD., REGIONAL OFFICE, SILVER JUBILLE BUILDING STATUE JUNCTION, GENERAL HOSPITAL ROAD THIRUVANANTHAPURAM-695001.

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3. THE KERALA STATE FINANCIAL ENTERPRISES LTD. ATTINGAL MAIN BRANCH, THIRUVANANTHAPURAM-695101 REPRESENTED BY ITS BRANCH MANAGER.

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R1 & R3 BY ADV. SRI.LAL GEORGE, SC, KERALA STATE FINANCIAL ENTERPRISES LTD.

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R BY SRI.JOHNSON T.JOHN, SC, KSFE LTD.

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 20-112013, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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jm/

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WP(C).No. 24035 of 2013 (D)

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APPENDIX

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PETITIONER(S)' EXHIBITS

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P1. TRUE COPY OF THE ATTACHMENT NOTICE IN FORM 10 DATED 24-5-2013.

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P2. TRUE COPIES OF THE REQUESTS DATED 11-6-2013 SENT TO THE 1ST AND 2ND RESPONDENTS AND REGIONAL MANAGER, KSFE LTD., THIRUVANANTHAPURAM.

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P3: COPY OF THE LETTER DT. 18.3.2010 RECEIVED FROM THE 3RD RESPONDENT.

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P4: COPY OF THE LETTER SUBMITTED BEFORE THE 3RD RESPONDENT BY SHRI.M.A.SHUKKOOR, ON BEHALF OF THE PETITIONER.

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P5: COPY OF THE LETTER DT. 4.12.2010 RECEIVED FROM THE 3RD RESPONDENT.

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RESPONDENT(S)' EXHIBITS

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EXT.R1(A): TRUE PHOTOSTAT COPY OF THE POWER OF ATTORNEY DT. 12.3.2007

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jm/

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V. CHITAMBARESH, J

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W.P.(C). NO. 24035 OF 2013

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Dated this the 20^th day of November, 2013

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JUDGMENT

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The petitioner stood as a guarantor to one Mr.Basheer who had three kuri transactions with the third respondent. The Petitioner also joined the kuri with the third respondent under which the amounts are due to him. The amount due to the third respondent in the kuri transaction of Mr. Basheer is Rs.10,13,652/-. The amount due to the petitioner in the kuri transaction with the third respondent is Rs.6,46,373/-.

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It is reported that a sum of Rs.3,67,279/- would be due to the third respondent after adjustment and set off. The petitioner seeks waiver of penal interest contending that the set off was delayed by three years. The property of the petitioner has been mortgaged as security for the kuri transactions of himself and Mr.Basheer.

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I permit the petitioner to submit a detailed representation to the first respondent seeking waiver of penal interest and the benefit of one time settlement scheme if any. The representation if filed within three weeks from today shall be dealt with by the first respondent within a month therefrom.

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W.P.(C). NO. 24035 OF 2013

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The coercive proceedings pursuant to Ext.P1 notice shall be put on hold in the meanwhile. This is subject to the condition that the petitioner remits a further sum of Rs.50,000/- with the third respondent within a period of three weeks.

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The writ petition is disposed of.

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Sd/

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V. CHITAMBARESH JUDGE

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jm/

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\ TRUE COPY \

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PA TO JUDGE

Nazar A.K. v. the Managing Director, Ksfe Ltd.

Case brief

What is this about?

What did the court decide?

Nazar A.K. v. the Managing Director, Ksfe Ltd.

Case brief

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What did the court decide?

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