Appeal against stay order in one time settlement matter. Court directed appellant to deposit Rs. 50 lakhs upfront and restrained bank from adverse action pending OA consideration.
Appellant directed to deposit Rs. 50 lakhs upfront; bank restrained from adverse action pending OTS consideration.
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IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE THE CHIEF JUSTICE MR.S.MANIKUMAR
&
THE HONOURABLE MR. JUSTICE SHAJI P.CHALY
WEDNESDAY, THE 16TH DAY OF MARCH 2022 / 25TH PHALGUNA, 1943
WA NO. 252 OF 2022
JUDGMENT DATED 08.02.2022 IN WP(C) 20810/2021 OF HIGH COURT OF KERALA
APPELLANT/2ND RESPONDENT:
MR.JOHNY THOMAS, AGED 60 YEARS S/O THOMAS, VELLAPPANAYIL HOUSE, KOORALI P.O., ELANGULAM, PONKUNNAM,KOTTAYAM, PIN – 686 522. BY ADVS. P.MARTIN JOSE P.PRIJITH THOMAS P.KURUVILLA AJAY BEN JOSE MANJUNATH MENON SACHIN JACOB AMBAT R.GITHESH ANNA LINDA V.J S.SREEKUMAR(SR)
RESPONDENT/S:
1 THE SOUTH INDIAN BANK LTD., REGIONAL OFFICE, REGENCY SQUARE, KK ROAD, COLLECTORATE P.O., KOTTAYAM REPRESENTED BY ITS SENIOR MANAGER, DRT CELL, MRS. JILU HANNAAH EAPEN., PIN – 686 002. 2 KERALA STATE BEVERAGES CORPORATION LTD., BEVCO TOWER, VIKAS BHAVAN P.O., TRIVANDRUM – 695 003, REPRESENTED BY ITS MANAGING DIRECTOR. BY ADVS. R1 BY MR.SUNIL SHANKAR R2 BY SRI.NAVEEN.T., SC
THIS WRIT APPEAL HAVING BEEN FINALLY HEARD ON 16.03.2022, THE
COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
W.A. No. 252/2022
: 2 :
Dated this the 16th day of March, 2022.
JUDGMENT
S. MANIKUMAR,CJ.
Challenging the judgment dated 08.02.2022 in W.P.(C) No. 20810 of 2021 passed by the writ court, this appeal is filed.
2. On 21st January, 2022, when the matter came up for admission, inviting our attention to Annexure A dated 10.02.2022 submitted by the appellant to the Branch Manager, South Indian Bank Ltd., Ponkunnam for OTS settlement, Mr. S. Sreekumar, learned Senior Counsel appearing for the appellant/owner of the building submitted that the appellant would pay Rs.1.50 lakhs (Rupees One Lakh Fifty Thousand only) immediately and a further sum of Rs.2.5 Crores (Rupees Two Crores Fifty Lakhs only) by 31.03.2022 and thereafter, make payments as per Annexure A OTS proposal. He further submitted that the balance amount would be paid by 30.06.2022 and that there is some slight deviation from the OTS proposal.
W.A. No. 252/2022 : 3 :
instructions, Mr. Sunil Shankar, learned counsel appearing for the South Indian Bank, respondent No.1, submitted that for considering the OTS proposal, a demand for an amount of Rs.50 lakhs was made and since the said amount was not deposited in the loan account, OTS proposal is pending consideration.
W.A. No. 252/2022
: 4 :
considering the OTS proposal on receipt of the said amount in the loan account.
With the above observations and directions, this appeal is disposed of.
sd/-
S. MANIKUMAR, CHIEF JUSTICE.
sd/- SHAJI P. CHALY, JUDGE.
Rv
W.A. No. 252/2022
: 5 :
APPENDIX OF WA 252/2022
APPELLANT'S ANNEXURES: Annexure A TRUE COPY OF OTS PROPOSAL SUBMITTED TO THE 1ST RESPONDENT DATED 10-02-2022. Annexure B TRUE COPY OF THE THREE PAY ORDERS DATED 07-022022 AND 10-02-2022, REMITTING RS.47 LAKHS. Annexure C TRUE COPY OF EMAIL DATED 14-02-2022 ISSUED BY MR.SREEKUMAR TO THE BANK, UNDERTAKING TO TRANSFER RS.50 LAKHS AS UPFRONT PAYMENT TO THE OTS PROPOSAL OF THE APPELLANT. Annexure D PHOTOGRAPHS OF THE PROPOSED CONSTRUCTION.
RESPONDENTS' ANNEXURES: NIL
/True Copy/
P.S to Judge.
rv
3 issues framed by the court
Whether appeals against the stay order granting OTS proposal consideration should be allowed when appellant undertakes to deposit upfront payment.
Whether directions are necessary to deposit Rs. 50 lakhs as upfront payment for considering One Time Settlement proposal.
Whether pending consideration of OTS proposal, adverse action against the defaulting borrower should be restrained.
Mr. Johny Thomas
The South Indian Bank Ltd.
Kerala State Beverages Corporation Ltd.
S. Manikumar
Shaji P. Chaly
As recorded by the court registry
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