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IN THE HIGH COURT OF KERALA AT ERNAKULAM
MOHAMMED NIAS C.P.
Binu Vincent, S/o Late M.A. Vincent – Appellant
Versus
Federal Bank Ltd. – Respondent
JUDGMENT :
MOHAMMED NIAS C.P., J.
The petitioners contend that the 1st petitioner, as principal borrower, had availed a loan of Rs. 5,00,000/- (Rupees five lakhs only) from the 1st respondent bank, which was later enhanced to Rs. 20,00,000/- (Rupees Twenty Lakhs only) under an OD-CC (Over Draft-Cash Credit) account, with the 2nd petitioner and M.A. Vincent, Lincy Binu and T.S. Joseph as co-obligants. T.S.Joseph again availed an Agricultural Medium Term Loan (AMTL) of Rs. 2,75,000/- (Rupees Two Lakhs Seventy-Five Thousand Only) and the Federal Kisan Credit (FKC) of Rs. 85,000/- (Rupees Eighty-Five Thousand Only).
1.1. Apart from the two items of property (27 cents & 28 cents of land) extended by the 1st petitioner as collateral security, property (3 acres) belonging to T.S. Joseph was also mortgaged to cover the 1st petitioner’s liability. The liability under the account fell into arrears by January 2005, and, upon proceedings initiated before the Debt Recovery Tribunal, Ernakulam, in O.A. No. 31 of 2006, Ext. P1 Recovery Certificate dated 11.01.2012 was issued for the recovery of Rs. 76,90,252.22/- (Rupees Seventy-Six Lakh Ninety Thousand Two Hundred Fifty-Two Only) from the propertie
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