IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR TUESDAY, THE 1ST JANUARY 2008 / 11TH POUSHA 1929 WP(C).No. 33506 of 2004(L) -------------------------- PETITIONER: ------------ VIKRAMAN PILLAI AGED 47, S/O.SANKARA PILLAI, JOY NIVAS, AYROOR P.O. VARKALA. BY ADV. SRI.R.T.PRADEEP SRI.V.VIJULAL RESPONDENTS: ------------- 1. THE KERALA FINANCIAL CORPORATION REP. BY ITS MANAGING DIRECTOR, OFFICE OF THE KERALA FINANCIAL CORPORATION, VELLAYAMBALAM, THIRUVANANTHAPURAM 695 033. 2. THE DISTRICT MANAGER, KERALA FINANCIAL CORPORATION, DISTRICT OFFICE, KOLLAM. 3. THE DEPUTY TAHSILDAR(REVENUE RECOVERY) KERALA FINANCIAL CORPORATION, THIRUVNANTHAPURAM. 4. T.PADMINI, PAYAS MILK PRODUCTS, REENA BHAVAN, EDAVATTOM, CHIRAKKARA P.O. 5. S.LEELA, MOOPPANVILA VEEDU, JOY NIAS, AYIROOR P.O. VARKALA. 6. BEENA, MOOPPANVILA VEEDU, JOY NIVAS, AYIROOR P.O. VARKALA. R1 TO R3 BY ADV. SRI.V.B. UNNIRAJ, SC, KFC THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 01/01/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: 2 APPENDIX PETITIONER'S EXHIBITS: EXT.P1 TRUE COPY OF THE NOTICE DATED 29.9.99 ISSUED BY THE FIRST RESPONDENT. EXT.P2 TRUE COPY OF THE RECEIPT OF MONEY DATED 27.12.99 REMITTED BY THE FOURTH RESPONDENT. EXT.P3 TRUE COPY OF RECEIPT DATED 1.12.03 IN RESPECT OF REMITTANCES OF THE AMOUNT BY THE PETITIONER. EXT.P4 TRUE COPY OF THE SALE NSOTICE DATED 24.9.2004 RESPONDENTS' EXHIBITS: NIL. TRUE COPY P.S. TO JUDGE. C.N. RAMACHANDRAN NAIR, J. -------------------------------------------- W.P.C. NO. 33506 OF 2004 -------------------------------------------- Dated this the 1st day of January, 2008 JUDGMENT Petitioner is admittedly guarantor for the loan availed by respondents 4 to 6. Therefore petitioner is liable to be proceeded against for recovery of arrears. However, since counsel submitted that business assets of the borrowers are sufficient to take care of the debt, W.P. is disposed of directing respondents 2 and 3 to proceed for recovery against the assets of the borrowers, details of which will be furnished and assets identified by the petitioner, along with a copy of this judgment. If recovery is not possible from such assets, then recovery can be continued against the petitioner by attachment and sale of his property. If Petitioner arranges for sale of portion of the property and settle the liability, then there will be direction to respondents 2 and 3 not to proceed for sale of entire property. Petitioner is granted three months' time from today to settle the liability, failing which recovery will be continued against the petitioner's property thereafter. If petitioner settles liability within 2 three months as above, then there will be direction to respondents 2 and 3 not to charge any penal or default interest but only to charge contract rate of interest. (C.N. RAMACHANDRAN NAIR) Judge 3