COCHIN STOCK EXCHANGE LTD Vs. DHANALAKSHMI BANK LTD

JUDGEMENT

(1.) Revision petitioner is the Cochin Stock Exchange Ltd. In the revision, challenge is against an order passed by the learned Principal Sub Judge, Ernakulam in the execution proceedings from the decree passed in O.S. No. 495 of 1997 directing the Cochin Stock Exchange to sell the membership card of the 1st judgment debtor in that exchange and deposit the amount after deducting the dues from that member, to the exchange.

(2.) Notice given, the decree holder (1st respondent) alone entered appearance. Service by publication was ordered against the other respondents, co-judgment debtors, but after such service, none of them has turned up.

(3.) I heard the learned Counsel for the revision petitioner and also the decree holder. The decree holder is a bank. The suit was filed for realisation of the amount due from the defendants 1 and 2 (2nd and 3rd respondents) on a loan transaction availed by them from the bank. In that suit, the revision petitioner was impleaded as the 3rd defendant seeking a decree against it for realisation of the plaint claim by sale of the membership card of the 1st defendant in the exchange. Though the 3rd defendant exchange had filed written statement resisting the relief so canvassed, a decree had been granted in the suit allowing the plaintiff to realise the decree debt by taking steps for sale of the membership card of the 1st defendant in the exchange. The decree also contained a direction to the 3rd defendant exchange to sell the membership card of the 1st defendant and, after realising its dues, payment of the balance amount to the plaintiff. In execution of the decree, the decree holder bank applied for sale of the membership card of the 1st defendant by the exchange. Revision petitioner/Cochin Stock Exchange filed objections to the execution contending that the membership card is not a private property of the 1st defendant and it cannot be attached and sold in execution. It was further contended that the Cochin Stock Exchange cannot be compelled to sell the membership card to the 1st judgment debtor in auction and to pay the proceeds or part thereof to the decree holder. Negativing the objections raised by the exchange, the learned Sub Judge directed it to sell the membership card of the 1st judgment debtor and to deposit the balance sale proceeds, after satisfying the dues of the member to the exchange, before the court within a period of three months. Propriety and correctness of that order is challenged in the revision.