Pannery Dineshan vs Branch Manager
2022 Latest Caselaw 1264 Ker

          IN THE HIGH COURT OF KERALA AT ERNAKULAM
                             PRESENT
               THE HONOURABLE MR.JUSTICE N.NAGARESH
    FRIDAY, THE 28TH DAY OF JANUARY 2022/8TH MAGHA, 1943
                      WP(C) NO. 2818 OF 2022


PETITIONER:

         PANNERY DINESHAN, AGED 42 YEARS,
         RESIDING AT SURYA APARTMENT,
         FLAT NO. 241, NEAR KSRTC, KANNUR
         KANNUR, PIN - 670 001.

         BY ADV C.K.SREEJITH


RESPONDENTS:

    1    BRANCH MANAGER,
         KSFE LTD UNIT-2, KANNUR
         KANNUR, PIN - 670 001.

    2    MANAGING DIRECTOR,
         2. KSFE (LTD.),
         REP. BY MANAGING DIRECTOR,
         REGISTERED OFFICE B̃HADRATHA
         MUSEUM ROAD, P.B. NO. 510, THRISSUR
         THRISSUR, PIN - 680 020.

    3    MANAGING DIRECTOR,
         REGISTERED OFFICE: B̃HADRATHA
         MUSEUM ROAD, P.B. NO. 510, THRISSUR
         THRISSUR, PIN - 680 020.

         BY ADV.SRI.ANIL KUMAR P.C., SC, KSFE

     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION
ON 28.01.2022, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
 WP(C)No.2818/2022

                                2




                          JUDGMENT

Dated this the 28th day of January, 2022

The petitioner has approached this Court for a direction

to the respondents to grant six months time to discharge the

liabilities/close the gold loan account or to direct the

respondents to grant 10 monthly instalments to pay the

entire amount due.

2. The petitioner states that he has availed a

financial assistance of `3,60,000/- from the KSFE Ltd. The

assistance was extended to the petitioner on 22.11.2021.

The petitioner is a Government Contractor. Due to the delay

in settling the bills by the Government, the petitioner could

not repay the amount promptly.

3. Now, a notice has been issued to the petitioner by

the respondents stating that the gold ornaments pledged by

the petitioner will be auctioned soon. The petitioner states WP(C)No.2818/2022

that he will be able to clear the entire dues within a very

short time. If the respondents proceed to auction the gold,

the petitioner will be put to untold hardship and loss.

4. The learned Standing Counsel representing the

respondents submitted that the total outstanding amount due

from the petitioner is `4,25,658/-. As the petitioner has failed

to remit the amount promptly, the respondents are at liberty

to proceed against the gold pledged by the petitioner.

5. I have heard the learned counsel for the petitioner

and the learned Standing Counsel representing the

respondents.

6. In view of the facts stated in the writ petition, this

Court is of the view that the petitioner can be given a

breathing time to remit the outstanding amounts to the

respondents.

7. In the circumstances, the writ petition is disposed

of with the following directions:

WP(C)No.2818/2022

(1) The petitioner shall remit an amount of `1 lakh

within a period of 30 days.

(2) The balance amount due along with accruing

interest and other charges shall be remitted in eight

consecutive equal monthly instalments thereafter.

(3) If the petitioner fails to remit `1 lakh within a period

of one month or if the petitioner commits two consecutive

defaults in remitting subsequent instalments, the

respondents will be at liberty to proceed against the

petitioner and the pledged gold, in accordance with law.

Sd/-

N. NAGARESH JUDGE ncd/28.01.2022 WP(C)No.2818/2022

APPENDIX OF WP(C) 2818/2022

PETITIONER'S EXHIBITS

Exhibit P1 THE TRUE COPY OF THE NOTICE ISSUED DT. 15/11/2021 BY THE 2ND RESPONDENT