SEBASTIAN JOSE Vs. INDIAN OVERSEAS BANK LTD

JUDGEMENT

(1.) The first respondent, Indian Overseas Bank Ltd. filed a suit O.S.77/2003 for the realisation of amounts due from the revision petitioner who was an employee of the Bank. The allegation is that the revision petitioner had during the course of his employment with the bank, committed misappropriation of funds of the Bank. On the very same allegations the C.B.I. conducted an investigation and launched prosecution proceedings against the revision petitioner, in which it is reported that he has been convicted. The misappropriation is stated to be to the tune of Rs.75,63,295/-. The Bank initiated disciplinary proceedings against the revision petitioner and has terminated his services. The Bank also filed the suit from which the above revision arises for recovery of the amounts misappropriated by the revision petitioner.

(2.) The petitioner is a subscriber to life insurance policies. The petitioner had kept these policies in his cabin, while he was working with the first respondent-bank. The policies in original were taken possession of by the bank. In the suit, O.S. No. 77/2003 of the Sub Court, Thiruvalla, the first respondent filed an application as I.A. No.957/2003 for attachment of the amount scheduled to the petition which represented the surrender value of the LIC policies in the name of the revision petitioner. It was alleged that the petitioner had applied for disbursement of the surrender value of the policies with the object of defeating his creditors. Therefore, the first respondent-bank prayed for the issue of a conditional attachment ordering the revision petitioner to furnish security and in the event of such security being not furnished, to attach the surrender value of his life insurance policies.

(3.) The revision petitioner filed counter objecting to the attachment. After hearing the contesting parties, as per order dated 6.11.2004 the Sub Court, Thiruvalla passed the order under revision allowing the petition. As per the order, the revision petitioner has been directed to furnish security for an amount of Rs.25,985/- to the Court on or before 7.1.2004. Meanwhile, conditional attachment of the scheduled amounts also has been ordered. The said order is under challenge in the above Revision Petition.