IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC TUESDAY, THE 5TH FEBRUARY 2008 / 16TH MAGHA 1929 WP(C).No. 2997 of 2008(F) ------------------------------------------ PETITIONER: -------------------- R.KARMACHANDRAN,PROPRETOR AND MANAGING PARTNER, SREE NARAYANA GURUDEV, WIRECUT BRICK INDUSTRIES,VAKKOM, THIRUVANANTHAPURAM. BY ADV. SRI.P.K.MUHAMMED RESPONDENT: ----------------------- KERALA STATE FINANCIAL CORPORATION VELLAYAMBALAM,THIRUVANANTHAPURAM, REPRESENTED BY CHIEF MANAGER KERALA STATE FINANCIAL CORPORATION BY ADV. SRI.R.S.KALKURA GP. SRI. I.V.PRAMOD THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 05/02/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. --------------------------------- W.P.(C)2997/2008 --------------------------------- Dated this the 5th day of February 2008 Judgment Petitioner had availed of a loan from the respondents. Following default, revenue recovery proceedings were initiated for realization and Ext.P1 is the notice issued under Section 29 of the State Financial Corporations Act. The petitioner submits that the loan availed of by him was only 8.46 lakhs and that even after making payments, the present liability is more than 25 lakhs. 2. The only request that is now made is for deferring further proceedings pursuant to Ext.P1 for a reasonable time, in order to enable the petitioner to arrange a buyer for sale of the property and to liquidate the liability of the respondents. Since the respondent has already taken over possession of the mortgaged property, by granting reasonable time to the petitioner to raise funds even by entering into an agreement for sale in respect of the W.P.(C)2997/2008 2 property concerned, I do not think any prejudice will be caused. 3. Accordingly, this writ petition is disposed of with the following directions. 1) Further proceedings pursuant to Ext.P1 will be deferred by the respondents for a period of three months from today. In the meantime the possession of the property will be continued to be with the respondents. 2) During the aforementioned three months period, it is open to the petitioner to raise sufficient finance and liquidate the liability to the respondents, in which case, the respondents will release the property to the petitioner. ANTONY DOMINIC, JUDGE css/