G.G. KONIKAR INDUSTRIES REPRESENTED BY SMT. SHEELA PARTNER OF KONIKAR INDUSTRIES Vs. THE CHAIRMAN AND MANAGING DIRECTOR KARNATAKA STATE FINANCIAL CORPORATION AND THE ASSISTANT GENERAL MANAGER KARNATAKA STATE FINANCIAL CORPORATION

JUDGEMENT

(1.) THIS writ appeal is directed against an order dated 2.12.10 passed by the learned Single Judge disposing of W.P. No. 35938/10. Considering the totality of facts and circumstances, learned Single Judge did not interfere with the auction to be held on 3.12.10 but directed that, the confirmation of sale shall not take place for a period of 4 weeks, subject to the condition that, the Petitioner shall pay Rs. 30,00,000/ -, within 4 weeks. It was made dear that, in case, the Petitioner commits default, the sale shall be confirmed and further proceedings will go on. It was further observed that, in case, the Petitioner pays the amount of Rs. 30,00,000/ - within 4 weeks, then, it is open to the Respondents to consider the Petitioner's case for rescheduling the loan.

(2.) PROF . Ravivarma Kumar, learned Senior Advocate appearing for the Appellant submits that, in view of the submission made before the learned Single Judge, the writ appeal may be disposed of by granting to the Appellant extension of time up to 10.1.2011 to comply with the direction issued by the learned Single Judge and seek further orders in the writ petition by filing an application in the writ petition, i.e., for clarification etc.

(3.) HOWEVER , keeping in view the difficulty stated, the time granted by the learned Single Judge for depositing Rs. 30,00,000/ -, shall stand extended upto 10.1.2011.