P.M. POULOSE Vs. JOMON MANI

JUDGEMENT

(1.) Heard the learned counsel for the petitioner and respondent.

(2.) Petitioner filed a suit against the respondent before the court below for recovery of 15 lakhs with interest and cost. Along with the suit, an application under Order 38, Rule 5 CPC was filed as I.A.No.537 of 2016. In that matter, an order of conditional attachment was passed. Later, the respondent entered appearance before the trial court and filed I.A.No.977 of 2016 for lifting the order of attachment in respect of one item by allowing him to furnish another property as security. The court below, by virtue of Exts.P9 and P10 orders, permitted substitution of one property and attachment in respect of Item No.II in the attachment schedule was vacated. Aggrieved by the modification, the petitioner/plaintiff has approached this Court.

(3.) Learned counsel for the respondent submitted that the property offered as security now, instead of item No.II, is having an extent of 55 cents. The land value for the property will be not less than Rs. 2 lakhs. It is admittedly encumbered with a co-operative bank. According to the respondent, the liability is above Rs. 24 lakhs.