O. SAINULABDEEN Vs. KERALA FINANCIAL CORPORATION

JUDGEMENT

(1.) HEARD learned counsel for appellant as well as respondent Corporation. Appellant is before us aggrieved by judgment of learned Single Judge in dismissing the writ petition filed by him.

(2.) THE undisputed fact in the present case is, for the Fiber Unit, a propriety concern, appellant borrowed a sum of Rs.5,90,000/ - from the Kerala Financial Corporation way back in 1989. Apparently, no repayment came to be made by him. Primary security was the property where the industry was located and as collateral security, the property of his father was offered, as father stood as a surety for the said loan.

(3.) SO far as the first ground of undervaluation, the upset price was fixed at a consolidated figure of Rs.4,45,000/ - and according to appellant, property is worth Rs.50 lakhs as on today. If property is worth Rs.50 lakhs, the basis for such expectation by appellant is not disclosed as no material is forthcoming. On the other hand, at paragraph 7 of the writ petition he approached the Chief Manager of 1st respondent Corporation requesting them to accept the price offered by a near relative of appellant for Rs.4,25,000/ -. It is also seen that Managing Director directed the Manager, Kollam to examine the same. If offer of his relative was Rs.4,25,000/ - we fail to understand on what basis the appellant/writ petitioner contends that the property is valued about Rs.50 lakhs.