ABDULLA, AGED 60, M/S. SWAPNA BONEMEAL COMPANY (P) LTD., J-7 FISH MARKET ROAD, PERUMBAVOOR Vs. UNION BANK OF INDIA, PERUMBAVOOR BRANCH, ERNAKULAM DISTRICT, REP. BY BRANCH MANAGER, 683103,

JUDGEMENT

(1.) Heard the learned counsel for the petitioner and the learned senior counsel appearing for respondents 1 to 3. Petitioner is aggrieved by Ext.P1 proclamation of sale published by the 4th respondent. Petitioner was a defaulter to respondents 1 to 3. That liability was settled mutually on payment of Rs. 65,00,000/-. Time for payment of Rs. 65,00,000/- was also agreed between the parties. Although the petitioner paid Rs. 65,00,000/-, payment was not made within the agreed time.

(2.) However, according to the learned senior counsel, the proposal for reviving the settlement has been accepted by the Bank by communication dated 28/12/12 and that out of Rs. 18,00,000/- additionally payable by the petitioner, he has already paid Rs. 15,00,000/-. It is also stated that the Bank has given the petitioner time till 15/1/13 for the payment of balance Rs. 3,00,000/-. From the above, therefore it is obvious that if the petitioner pays the balance Rs. 3,00,000/- before 15/1/13, the entire liability will be settled. Since the petitioner has time for payment till 15/1/13, it was premature on the part of the 4th respondent to have issued Ext. P1.