Abhijith A .S vs Managing Director
2024 Latest Caselaw 9805 Ker

Kerala High Court

Abhijith A .S vs Managing Director on 4 April, 2024

Author: Devan Ramachandran

Bench: Devan Ramachandran

                 IN THE HIGH COURT OF KERALA AT ERNAKULAM
                                  PRESENT
               THE HONOURABLE MR. JUSTICE DEVAN RAMACHANDRAN
         THURSDAY, THE 4TH DAY OF APRIL 2024 / 15TH CHAITHRA, 1946
                          WP(C) NO. 11456 OF 2024
PETITIONER:

              ABHIJITH A .S
              AGED 26 YEARS
              S/O ANILKUMAR, TRAVANCORE TRANSPORTS AND STRUCTURES PVT
              LTD. (POTTAPURATHU VEEDU), KALLUVATHUKKAL P.O, KOLLAM,
              PIN - 691578
              BY ADV SYAM J SAM


RESPONDENTS:

     1        MANAGING DIRECTOR
              KERALA STATE FINANCIAL ENTERPRISES LIMITED ,THRISSUR, PIN
              - 680020
     2        BRANCH MANAGER
              KERALA STATE FINANCIAL ENTERPRISES LIMITED , KOLLAM BEACH
              ROAD BRANCH, PIN - 691001
     3        ASSISTANT GENERAL MANAGER (REGION)
              KERALA STATE FINANCIAL ENTERPRISES LIMITED ,KOLLAM URBAN,
              PIN - 691001
              BY ADV P.V.ANOOP


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
04.04.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 11456 OF 2024
                                      2

                               JUDGMENT

The limited plea of the petitioner is that

respondents 2 and 3 be directed to allow him to

substitute the title deed of the property

offered through equitable mortgage as

collateral security for a loan availed of by

him.

2. The learned Standing Counsel for the

Kerala State Financial Enterprises (KSFE) -

Sri.P.V.Anoop, submitted that if the petitioner

approaches the "KSFE" with properly valued

document, then the present mortgage can be

discharged and a new equitable mortgage allowed

to be created subject to all other requirements

in law being satisfied.

In the afore circumstances, I allow this

writ petition and permit the petitioner to WP(C) NO. 11456 OF 2024

approach the competent Authority of the "KSFE"

with a request, along with a properly valued

document and if this is done, the said Authority

will permit him to substitute the equitable

mortgage with a new property as full collateral

security of a loan availed of by him, as

expeditiously as is possible, but not later than

two weeks thereafter.

I, however, clarify that this will be

subject to every other requirement in law being

satisfied by the petitioner.

Sd/-

DEVAN RAMACHANDRAN JUDGE SAS WP(C) NO. 11456 OF 2024

APPENDIX OF WP(C) 11456/2024

PETITIONER'S EXHIBITS:

Exhibit p1 THE TRUE COPY OF THE SALE DEED DATED 4/01/2021 Exhibit p2 THE TRUE COPY OF THE POSSESSION CERTIFICATE DATED 17/1/2024 Exhibit p3 THE TRUE COPY OF THE ATTESTED DUPLICATE DEED PROVIDED BY THE REGISTRAR DATED 6/02/2024 Exhibit p4 THE TRUE COPY OF CERTIFICATE OF ENCUMBRANCE ON PROPERTY DATED 17/1/2024 Exhibit p5 THE TRUE COPY OF ADVERTISEMENT IS PUBLISHED IN THE KERALA KAUMUDY NEWSPAPER DATED 7/2/2024 Exhibit p6 THE TRUE COPY OF THE LETTER OF REJECTION THE PROPOSED SUBSTITUTION DATED 21/02/2024 Exhibit p7 THE TRUE COPY OF THE INTERNAL CIRCULAR NUMBER 18/2023 DATED 11.05.2023 Exhibit p8 THE TRUE COPY OF THE REPRESENTATION DATED 23/02/2024 Exhibit P9 THE TRUE COPY OF THE REPRESENTATION UNDATED Exhibit P10 THE TRUE COPY OF THE AFFIDAVIT DATED 6/02/2024 Exhibit P11 THE TRUE COPY OF THE VALUATION REPORT DATED 9/02/2024 Exhibit p12 THE TRUE COPY OF THE JUDGMENT IN WP(C) 8965/2024 DATED 07/03/2024 Exhibit p13 THE TRUE COPY OF THE ORDER OF THE 3RD RESPONDENT DATED 15/03/2024