IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE K.M.JOSEPH & THE HONOURABLE MR. JUSTICE A.M.SHAFFIQUE THURSDAY, THE 22ND DECEMBER 2011 / 1ST POUSHA 1933 FAO.No. 135 of 2011 ---------------------------- E.A.651/2009 IN EP 340/2004 IN ARC.2770/2001 of PRL.SUB COURT,KOTTAYAM .................... APPELLANT (S): PETITIONER: ------------------------------------------- TECIL CHEMICALS AND HYDRO POWER LTD., CHINGAVANAM. BY ADV. SRI.JOSEPH MARKOSE, SENIOR ADVOCATE SRI.V.ABRAHAM MARKOS SRI.MATHEWS K.UTHUPPACHAN SRI.TERRY V.JAMES SRI.B.J.JOHN PRAKASH SRI.TOM THOMAS (KAKKUZHIYIL) RESPONDENT(S): RESPONDENT: ---------------------------------------------- KUMARAKOM KAKKA VYVASAYA SAHAKARANA SANGAM NO. 1782, REPRESENTED BY SECRETARY. BY ADV. SRI.V.RAJENDRAN (PERUMBAVOOR) SRI.GEORGE VARGHESE KIZHAKKAMBALAM THIS FIRST APPEAL FROM ORDERS HAVING COME UP FOR ADMISSION ON 22/12/2011, THE COURT ON THE SAME DAY DELIVERED ED THE FOLLOWING: K.M.JOSEPH & A. M. SHAFFIQUE, JJ. ------------------------------------------------------- F.A.O.No.135 of 2011 ----------------------------------------- Dated, this the 22nd day of December, 2011 J U D G M E N T K.M.Joseph, J. Appellant is the judgment debtor which filed application under Order 21 Rule 90 of the Code of Civil Procedure to set aside the auction sale. The said application has been dismissed finding that the appellant has not made out a case. Learned counsel for the appellant would submit that the appellant is prepared to pay off the amount. Learned counsel for the respondent would also submit that if the entire amount is paid the respondent will not stand in the way of this Court ordering setting aside the sale. Then the learned counsel for the appellant submits that the rate of interest charged is high, ie., interest is charged at 18%. No doubt, learned counsel for the respondent points out that what is charged is only contractual rate. We suggested that whether the rate of interest can be pegged at a lower rate. Learned counsel for the respondent has made available a statement of account with interest calculated at 14%. As per the same the total amounts payable if it were to be paid with 14% FAO 135/2011 -2- interest on 1.4.2012 would be Rs.3,40,098/- inclusive of all expenses. In the circumstance of this case we would think that interest can be treated as 14%. Accordingly, we dispose of the appeal as follows: (i) Appellant is permitted to pay Rs.3,40,098/- to the respondent on or before 1.4.2012. (ii) If the appellant pays the said amount on or before 1.4.2012 by Demand Draft directly to the respondent, the impugned order will stand set aside and the application filed by the appellant will stand allowed and the sale set aside. If the amount is not paid as aforesaid, the appeal will stand dismissed. All pending interlocutory applications are closed. (K.M.JOSEPH) JUDGE. (A. M. SHAFFIQUE) JUDGE. MS