C K SASANKAN Vs. DHANALAKSHMI BANK LTD

JUDGEMENT

(1.) Leave granted.

(2.) This appeal arises out of the judgment and order dated 17.07.2008 passed by the Division Bench of the High Court of Judicature at Madras in Writ Petition (civil) No. 28664 of 2003 dismissing the writ petitions filed by the appellant and confirming the judgment passed by the Debt Recovery Appellate Tribunal, Chennai (hereinafter referred to as the Appellate Tribunal ).

(3.) The appellant is the son of late C.V. Kunjikuttan, who was carrying on business as a civil contractor. Said C.V. Kunjikuttan carried on business of contracts in his individual capacity. He died on 8th September, 1989 and on his demise, the business was taken over by his legal heirs. While C.V. Kunjikuttan was alive he had availed of certain facilities from Dhanalakshmi Bank Ltd., Cherthala Branch, Alappuzha District - Respondent herein (for short the Bank ). The respondent is a scheduled bank and has its principal place of business at Thrissur in Kerala and Branches in various other places. C.V. Kunjikuttan approached the respondent - bank in 1973 for sanction of an over draft financial facility. The Bank sanctioned him an overdraft facility of Rs. 3 lakh. The overdraft facility allowed to C.V. Kunjikuttan was secured by security of immovable property, which was collateral security. On 30.10.1980, the Bank granted an enhanced overdraft facility of Rs. 9 lakh which was secured by late C.V. Kunjikuttan and his children including the appellant herein.