IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC MONDAY, THE 30TH MARCH 2009 / 9TH CHAITHRA 1931 WP(C).No. 8769 of 2009(M) ------------------------------------ PETITIONER : ------------------------- KRISHNAN NAMBIAR M., MANAGING DIRECTOR, M/S. NEELAMBARI RESORTS PVT. LTD., A-34, VRINDAVAN COLONY, CHEVAYUR, KOZHIKODE-17. BY ADV. SRI.ELVIN PETER RESPONDENTS : ------------------------- 1. KERALA FINANCIAL CORPORATION LTD., THIRUVANANTHAPURAM-33, REPRESENTED BY ITS MANAGING DIRECTOR. 2. THE CHIEF MANAGER, KERALA FINANCIAL CORPORATION, BRANCH OFFICE, M'SQUARE COMPLEX, PAVAMANI ROAD, KOZHIKODE-673001. ADV. SRI.K.JAJU BABU,SC,KERALA FINANCIAL COR FOR R1,2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 30/03/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. --------------------------- W.P.(C) No. 8769 of 2009 ------------------------------------ Dated this the 30th day of March, 2009 JUDGMENT The petitioner had availed a loan of Rs.1.64 Crores from the first respondent. Default was committed and proceedings were initiated against the mortgaged properties. Petitioner states that by letter dated 4/03/2009, he requested the respondents to inform the amount that is due, but without furnishing details and without giving him a chance to settle the liability, the property was sold on 5/03/2009. 2. In view of the grievance as above, statement was called for from the respondents. 3. According to the respondents total amount due from the petitioner was about Rs.2,05,73,121/-. It is stated that finally the property was put to auction on 24/11/2008. On 25/11/2008, the petitioner paid an amount of Rs.20,00,000/- and submitted a cheque for Rs.25,00,000/-. It is seen that liability was not settled by paying the amount and the property was brought for sale again. Accordingly, sale was conducted on 5/03/2009 when the highest offer received was for Rs.3.5 W.P.(C) No. 8769/ 2009 2 Crores. 4. According to the respondents, as at present the amount in default comes to Rs.91,75,121/- and if the petitioner is willing to clear this before the closing of the financial year, they are willing to accept the same and return the property. When this submission was made, counsel for the petitioner sought time and it is now reported that if two weeks' time is given, maximum amount can be paid to the outstanding with interest. 5. Petitioner's response to the more reasonable offer made by the corporation is disappointing and therefore, this Court will not be justified directing the corporation to keep in abeyance further proceedings. Therefore, in the light of the admitted default that was committed and as no vitiating circumstances are made out regarding the sale that has been concluded, I did not think that the petitioner is justified in seeking any relief in this writ petition. Writ petition fails and hence, it is dismissed. ANTONY DOMINIC, JUDGE scm