SOUTH INDIAN BANK Vs. RAVEENDRANATHAN NAIR

JUDGEMENT

(1.) The plaintiff in O.S. 82 of 1998 on the file of the Subordinate Judges Court, Mavelikkara has filed this application challenging the order dated 5.2.99 in I.A. 173 of 1999 vacating the order of attachment passed before the judgment.

(2.) The above suit is filed by the plaintiff, Bank for realisation of money by enforcement of the mortgage by deposit of title deeds executed by the defendants. Since the defendants alienated the mortgaged property before the institution of the suit, the plaintiff filed application for attachment before judgment of another property belonging to the 5th defendant which was allowed and the property was attached by order dated 19.9.1998. The above application is filed by the 5th defendant by offering the security of fixed deposit for Rs. 6,00,000/-. The lower court lifted the attachment by accepting the conditional security offered by the 5th defendant. The lower court found that irrespective of the transfer of the mortgaged property, the plaintiff can proceed against the mortgaged property and therefore the plaintiff can proceed against the security offered by the 5th defendant only by way of additional security after exhausting the remedies against the mortgaged property.

(3.) The grievance of the revision petitioner is against the acceptance of the conditional security offered by the 5th defendant and according to them lifting the attachment is illegal.