IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 8TH JULY 2009 / 17TH ASHADHA 1931 WP(C).No. 18008 of 2009(U) ------------------------------------- PETITIONER(S): -------------------------- 1. M/S.VIMALA RESTAURANT, NEAR RAILWAY STATION, CHERTHALA, REPRESENTED BY ITS MANAGING PARTNER, SHRI.SHINU DAVID. 2. SHRI.SHINU DAVID, KOTTAPPARAMBIL HOUSE, ARTHUNKAL P.O., CHERTHALA. 3. SHRI.SHELTON DAVID, KOTTAPPARAMBIL HOUSE, ARTHUNKAL P.O., CHERTHALA. (PARTNER, M/S.VIMALA RESTAURANT). 4. SHRI.K.A.DAVID, KOTTAPPARAMBIL HOUSE, ARTHUNKAL P.O., CHERTHALA. BY ADV. MR.JOBY CYRIAC RESPONDENT(S): --------------------------- 1. THE KERALA FINANCIAL CORPORATION, REPRESENTED BY ITS MANAGING DIRECTOR, VELLAYAMBALAM, THIRUVANANTHAPURAM. 2. THE BRANCH MANAGER, KERALA FINANCIAL CORPORATION, BRANCH OFFICE, KUMARANASAN SMARAKA BUILDING, COURT ROAD, ALAPPUZHA - 1. ADV. MR.S.SREEKUMAR,SC,KERALA FINANCIAL COR FOR R1 & 2 THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 08/07/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C) NO.18008/2009 APPENDIX PETITIONER'S EXHIBITS P1:- COPY OF THE LETTER DT. 31.1.03 ISSUED BY THE CORPORATION. P2:- COPY OF THE LETTER DT. 14.2.05 OF THE PETITIONER TO THE RESPONDENTS. P3:- COPY OF THE LETTER DT. 26.2.05 OF THE RESPONDENT . P4:- COPY OF THE LETTER DT. 13.5.05 OF THE PETITIONER. P5:- COPY OF THE LETTER DT. 31.5.05 OF THE 2ND RESPONDENT. P6:- COPY OF THE ABOVE JUDGMENT IN THE CONTEMPT CASE(C) NO.925/08. P7:- COPY OF THE PROVISIONAL STATEMENT OF ACCOUTN DT. 4.12.08. P8:- COPY OF THE NOTICE ISSUED UNDER SECTION 29 OF THE STATE FINANCIAL CORPORATION ACT, DT. 16.10.08. P9:- COPY OF THE CASH RECEIPT VOUCHER DT. 4.12.08. P10:- COPY OF THE COMMUNICATION DT. 26.12.08. P11:- COPY OF THE CASH RECEIPT VOUCHER DT. 28.1.09. P12:- COPY OF THE COMMUNICATION DT. 18.2.09. P13:- COPY OF THE TENDER NOTICE PUBLISHED IN THE MATHRUBHOOMI DAILY ON 15.6.09. TRUE COPY P.S. TO JUDGE TSS P.R. RAMACHANDRA MENON, J. ........................................................................ W.P.(C) No. 18008 OF 2009 ......................................................................... Dated this the 8 th July, 2009 J U D G M E N T The petitioners had availed a loan from the KFC way back in the year 2000 to the tune of Rs. 10,42,000/-. However, the petitioners could not honour the commitment in respect of repayment of the loan amount as scheduled, which compelled the respondents to proceed with coercive steps by way of taking over possession of the property on 23.12.2008, followed by the sale proceedings notified by Ext.P13. 2. When the matter came up for consideration before this Court on 30.06.2009, it was admitted and an interim order was passed on condition that the petitioners remitted a sum of Rs. Four lakhs within one week. The learned Counsel for the petitioners submits that the condition imposed by this Court had already been complied with, which is accepted as correct by the learned Counsel for the respondents as well. The learned Counsel for the petitioners submits that that balance amount due is roughly about 4 lakhs, which is disputed from the part of the Bank and it is submitted that the actual dues including expense W.P.(C) No. 18008 OF 2009 2 and interest will come to Rs. 6 lakhs tentatively . The fact remains that the property concerned herein subjected to sale as notified in Ext.P13 can be of very high value, particularly since the EMD specified itself is of, to the tune of Rs. 5 lakhs. This being the position, the learned counsel for the petitioners submits that the title deeds pertaining to the property comprised in Sy.No.95/5/1 of Cherthala Village surrendered to the respondents in connection with the attempt to procure another loan have necessarily to be returned; particularly in view of the fact that the application for the said loan was subsequently withdrawn, which aspect is rather conceded from the part of the respondents as well. 3. The learned Counsel for the respondents with specific reference to Ext.P12 submits that the they were ready and willing to release the above title deeds and even the possession taken over was agreed to be parted with on condition that the petitioners satisfied the requirements as specified therein, which however was not complied with from their side. Now, since it is stated that the petitioners have remitted a sum of Rs. 4 lakhs pursuant to the interim order passed by this Court, the W.P.(C) No. 18008 OF 2009 3 stipulation as contained in Ext.P12 has substantially been complied with. 4. In the said circumstances, there will be a direction to the respondents to release the title deeds pertaining to the property comprised in Sy.No.95/5/1 of Cherthala village to the 4th petitioner within one week from the date of receipt of a copy of the judgment. It is also made clear that the entire outstanding liability towards the loan amount shall be cleared by the petitioners within four months from the date of receipt of a copy of the judgment; simultaneously making it clear that if any default is committed in clearing the entire liability as above, the respondents will be at liberty to proceed with further steps pursuant to Ext. P13 from the stage where it stands now. The Writ Petition is disposed of. P.R. RAMACHANDRA MENON, JUDGE. lk