M/S.BHAGHEERATHA ENGINEERING LIMITED v. UNION BANK OF INDIA
Case at a glance
Outcome
Disposed of
Writ petition is disposed of as above
Provisions considered
Key paragraphs
- Para 44. Accordingly I direct that further proceedings in pursuance WP(C) 34194/07Page numbers to the steps already initiated by the bank will be deferred until1.4.2008. It is clarified that this indulgence is shown to the petitioner only for enabling the petitioner to save its property by…
Judgment
ANTONY DOMINIC, J.------------------------------------W.P.(C) 34194 of 2007-------------------------------------Dated: February 27, 2008JUDGMENTIn this writ petition, the challenge is against the steps taken by the bank under the Securitization and Reconstruction of FinancialAssets and Enforcement of Security Interest Act, 2002. Althoughseveral contentions including non-compliance with sec.13(3)(A) of the Act have been raised in the writ petition, none of those contentions have been urged before me.
The only prayer that is made is that as per Ext.P7agreement, they have concluded a deal with a purchaser for the mortgaged assets and that the payment in terms of the agreement will be realised by the petitioner on 31.3.2008 and that they need time until then to liquidate the liability.
Now that the petitioner has in any case entered into an agreement as per Ext.P7, I feel that at least as a last opportunity the petitioner should be given one more chance to save the property from a distress sale.
Operative part
Accordingly I direct that further proceedings in pursuance WP(C) 34194/07Page numbers to the steps already initiated by the bank will be deferred until1.4.2008. It is clarified that this indulgence is shown to the petitioner only for enabling the petitioner to save its property by discharging the liability in full on or before 31st March, 2008. It is clarified that in case the petitioner fails in discharging the liability as above, the bank will be free to continue the action that it has already initiated. Writ petition is disposed of as above. ANTONY DOMINIC, JUDGEmt/-
Questions this judgment answers
What did the Court decide in this case?
The Court recorded the following disposition: Writ petition is disposed of as above
Which statutory provisions did this judgment involve?
Reconstruction of FinancialAssets and Enforcement of Security Interest Act, 2002.
Which court decided this case, and when?
Kerala High Court, on 27 Feb 2008. The bench was ANTONY DOMINIC.
Precedent status how later indexed judgments have treated this case
No known negative treatment found in the Courts & Cases corpus.
This is a result about the indexed corpus, not a finding that the judgment remains good law. Coverage may be incomplete.