IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 15TH JUNE 2009 / 25TH JYAISHTA 1931 WP(C).No. 16488 of 2009(E) -------------------------- PETITIONER(S): --------------- VARGHESE PAUL, ERAYILKADAVU, MUTTAMBALAM, KOTTAYAM. BY ADV. SRI.PHILIP T.VARGHESE SRI.THOMAS T.VARGHESE RESPONDENT(S): --------------- 1. THE KERALA FINANCIAL CORPORATION, VELLAYAMBALAM, THIRUVANANTHAPURAM, REPRESENTED BY ITS MANAGING DIRECTOR. 2. THE DEPUTY TAHASILDAR, (REVENUE RECOVERY), KFC, KOTTAYAM. BY STANDING COUNSEL Mr.K. JAJU BABU THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 15/06/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) NO. 16488 OF 2009 ----------------------------------- Dated this the 15th day of June, 2009 JUDGMENT The petitioner is before this Court seeking to intercept the sale of the property proposed to be held tomorrow as notified in Ext.P5. 2. The petitioner had earlier approached this Court by filing WP(C) No.7414/2009 when the respondent KFC, initiated the coercive steps for realisation of the dues, which admittedly involved a loan of Rupees 120 lakhs availed in 1999-'00 with interest and such other expenses. As evident from Ext.P3, this Court interfered with the sale on condition that the petitioner remitted a sum of Rs.7,00,000/- before the date of sale, i.e., 13.03.2009 and cleared the entire balance on or before 30.04.2009. It was also made clear that, if the petitioner did not remit the amounts as specified, the petitioner would lose the benefit of the verdict and that the respondent would be at liberty to proceed against the petitioner in accordance with law, however making it clear that it will not stand in the way of the petitioner from pursuing the benefits/reliefs obtainable, if any, in accordance with law. WPC NO.16488/2009 2 3. Learned Counsel for the petitioner submits that, the petitioner has complied with the requirement of remitting the amount of Rs.7,00,000/- within the specified time. It is also pointed out that, on the basis of the right reserved vide the last sentence of Ext.P3 verdict, the petitioner intends to approach the KFC for indulgence in the matter; particularly in view of the earnest efforts being taken to wipe off the entire liability on or before 20.07.2009. 4. In the above circumstance, without prejudice to pursue the matter as aforesaid, the Writ Petition is disposed of, making it clear that the coercive steps shall be kept in abeyance till 20.07.2009. (P.R.RAMACHANDRA MENON, JUDGE) dnc