ANIMOL P., Vs. INDUSTRIAL DEVELOPMENT

JUDGEMENT

(1.) The petitioners in these writ petitions availed financial assistance from the first respondent-Bank. As a security for the loan availed, the petitioners submitted warehouse receipts issued by the Kerala State Warehousing Corporation and pledged various quantities of bags of paddy stored in godowns.

(2.) The petitioners state that because of heavy floods and natural calamities, and fall in selling price of paddy, the petitioners were forced to default in making repayment of the loan amount. Consequently, the first respondent-Bank proceeded to recover the loan amounts.

(3.) A public notice was issued by the authorised officer of the first respondent-Bank. The first respondent-Bank threatened that they will conduct an auction and sell the paddy pledged by the petitioners. This writ petition has been filed stating that the petitioners are willing to clear the dues if reasonable time is provided.