Disposed

P.S.Sarvanath v. Kerala Financial Corporation

Kerala HC19 Feb 2013WP(C)/4086/2013

Case brief

AI extract

What is this about?

The petitioners, partners of M/s Orchid Properties and Resorts, challenged a notice to deposit the entire loan liability. The court, upon the respondent's offer to regularize the loan upon clearing dues, disposed of the petition by directing the petitioners to pay outstanding dues

What did the court decide?

Direct petitioners to pay defaulted dues before 31-03-2013; on payment, respondent to consider loan regularisation; coercive action stayed

P.S.Sarvanath Vs Kerala Financial Corporation — Contract and Commercial Disputes | 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 ANTONY DOMINIC

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TUESDAY, THE 19TH DAY OF FEBRUARY 2013/30TH MAGHA 1934

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WP(C).No. 4086 of 2013 (I)

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PETITIONER(S):

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1. P.S.SARVANATH,S/O.SADANANDAN,AGED 42 YEARS, PARVATHY VILLA, MANAGING PARTNER, M/S.ORCHID PROPERTIES & RESORTS, F-4TH FLOOR, APPLE TOWER, NH BYPASS, EDAPALLY, ERNAKULAM.

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2. VINCENT JOSEPH, S/O.LATE K.JOSEPH, AGED 44 YEARS, PARTNER,

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M/S.ORCHID PROPERTIES & RESORTS, F-4TH FLOOR,

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APPLE TOWER, NH BYPASS, EDAPALLY,

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ERNAKULAM, RESIDING AT PEEDIKAYIL HOUSE, PALLICKAL P.O,

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KATTANAM, ALAPPUZHA.

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3. ANUPAMA SARVANATH, W/O.P.S.SARVANATH,

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AGED 38 YEARS, PARVATHY VILLA, THURAVOOR P.O,

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ANGAMALY, ERNAKULAM, PIN- 683 586.

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4. LEKSHMI BAI.M, W/O.K.N.SUDHEENDRAN, AGED 68 YEARS,

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KOCHUVEEDU, NO.3, AREEKARA.P.O., CHENGANNUR,

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ALAPPUZHA-689 505

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BY ADV. DR.V.N.SANKARJEE

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RESPONDENT(S):

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THE KERALA FINANCIAL CORPORATION, BRANCH OFFICE, KALOOR, KOCHI -682 017, REPRESENTED BY ITS CHIEF MANAGER.

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BY ADV.SRI.T.V.GEORGE, SC, KFC

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THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19-02-2013, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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sts

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WP(C)NO.4086/2013

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APPENDIX

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PETITIONER(S) EXHIBITS

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EXHIBIT P1 COPY OF THE DISCHARGE SUMMARY ISSUED FROM THE HOSPITAL EXHIBIT P2 COPY OF THE NOTICE DATED 16/1/2013 ISSUED BY THE RESPONDENT. EXHIBIT P3 COPY OF THE RECEIPT DATED 21/1/2013 ISSUED BY THE RESPONDENT.

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RESPONDENTS' EXHIBITS : NIL

/TRUE COPY/

P.A.TO.JUDGE

sts

ANTONY DOMINIC, J. ================ W.P.(C) NO. 4086 OF 2013

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===================

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Dated this the 19^th day of February, 2013

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J U D G M E N T

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Heard the learned counsel for the petitioners and the learned counsel for the respondent.

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Petitioners are the partners of a firm by name M/s Orchid Properties and Resorts. The firm availed of a loan from the respondent. From Ext.P2 notice issued by the respondent, it is seen that according to them, on account of the default in the repayment of the instalments, the petitioners have been called upon to deposit the entire liability due. It is thereupon this writ petition was filed and the prayer made by the petitioners is to grant them an instalment facility to discharge the liability due.

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When the writ petition came up for orders, learned counsel for the respondent sought time to get instructions. Accordingly, instructions have been obtained and it is submitted that this is a case of misutilization of the funds availed and that therefore the Corporation cannot allow an instalment facility as sought for by the petitioners. However, respondent offered that if the petitioners clear the defaulted dues, they will consider the

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WPC.No.4086/13

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:2 :

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request for regularising the loan itself so that the petitioners can pay the amount as per the loan agreement.

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Now that the respondent has offered to consider the request of the petitioners for regularising the loan, I feel it is beneficial for the petitioners to take advantage of the offer made. Therefore, I dispose of this writ petition directing that the petitioners shall pay the defaulted dues that are remaining outstanding before 31/3/13. If payment is made as above, respondent will consider the request of the petitioners for regularising the loan and orders thereon will be passed at any rate within four weeks thereafter. It is directed that, in the meanwhile and until orders are passed as above, subject to the petitioners paying the amount as directed, coercive action in pursuance to Ext.P2 will stand stayed.

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Sd/- ANTONY DOMINIC, JUDGE

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P.S.Sarvanath v. Kerala Financial Corporation

Case brief

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P.S.Sarvanath v. Kerala Financial Corporation

Case brief

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