BAJJU Vs. SREE LAKSHMI CASHEW COMPANY

JUDGEMENT

(1.) This appeal is from the order in I.A. No.323 of 2014 in O.S. No.937 of 2011 of Sub Court, Kollam. The appellant is the defendant in the suit where the plaintiffs seek for a decree to realize Rs.51,37,731.70/- with interest and costs. We are not going to the details of the merits of the contention of parties in the suit. The appeal herein is confined to the order passed by the court, on an application filed by the appellant seeking to furnish fresh security and approve the draft security bond. An objection was filed by the plaintiffs in the matter.

(2.) Learned Senior Counsel for the appellant, Sri. S. Sreekumar, submitted that a valuer was appointed and a proper valuation certificate was obtained and the same was produced showing the details of the new property offered as security. A copy of the same was made available for perusal by this court. Learned Senior Counsel submitted that if at all any deficiency was there, the court should have allowed the appellant an opportunity to submit additional details or a fresh valuation report, rather than dismissing the application itself.

(3.) Learned counsel, Sri. N.D. Premachandran, appearing for the respondents submitted that the valuation report did not contain various crucial details with regard to the property including the access, if any, by way of a public road or any other easy access. It is also submitted that column No.16 states the prevailing market value arrived at by the valuer. The details regarding the local enquiries made and the basis of the valuation have not been furnished. It is therefore submitted that the court below was right in rejecting the application.