A2, unless the other party to the companytract, namely, Vincent Paul companyveys his willingness within a week with regard to the terms stipulated therein, he cannot take advantage of mere remittance of a sum of Rs.10,000/ towards Earnest Money Deposit as stipulated in Ex.
During the companyrse of hearing, Mr. P.V. Dinesh, learned companynsel appearing for the KFC filed additional affidavit stating that the KFC, formed in 1953, is a statutory Corporation companystituted under the Act and more than 95 of the shares are held and companytrolled by the State Government.
Against the said order, on 26.02.1992, the Firm filed A.S. No.
557 of 2000 and O.P. No.
On the same day, after discussion and negotiation between the KFC and Vincent Paul, the KFC issued a letter to the said Vincent Paul expressing its willingness to sell the property for Rs.
10,000/ as stipulated in the tender numberice.
the landed properties companyprised in Sy.
3450 of 2003 before this Court by way of special leave petition.
8.25 lakhs.
56 of 1992 before the District Judge, Thrissur.
On 17.01.1992, O.S. No.
1776 of 1987 for temporary injunction restraining the KFC from taking over the firm.
Against the said judgment, the KFC filed Civil Appeal No.
33834 of 2001 before the High Court praying for direction to companyvey the property being the highest bidder in the second tender and the same was dismissed as infructous by the High Court vide judgment dated 22.01.2002.
1776 of 1987 in O.S. No.
B1 was only a tender numberice and the suit for specific performance is number maintainable and in any event is barred by limitation since it was filed only in 1994.
During the pendency of the appeal filed by Vincent Paul in the High Court, the KFC invited fresh tenders for the sale of assets of the Firm on 17.09.2001.
After 31.10.1988, KFC sent another letter on 05.11.1988 intimating the plaintiff that further proceedings can be finalized only after vacating the temporary injunction ordered by the Munsif Court, Thrissur.
Against the said order, on 18.09.2000, Vincent Paul filed A.S. No.
3450 of 2003 before this Court by way of special leave petition.
557 of 2000 before the High Court.
On the other hand, the High Court, on an erroneous assumption as to the companymunication dated 31.10.1988 companycluded that there was a valid companytract and granted a decree for specific performance.
Yours faithfully, Sd MANAGER RECOVERY According to the plaintiff Vincent Paul, it was agreed to by him as to the offer of Rs.
2194 of 1987 filed by the firm was dismissed.
7.5 lakhs as bidding amount.
Land valuation was done by the Legal Officer in companysultation with Village Officer companycerned and by companyducting local enquiry for fixing market value.
25 of the sale companysideration should be remitted to us within a week from the date of companyfirmation of the transaction.
BL.1158/R/88 Date 31.10.1988 Shri Vincent Paul Pellissery House O. Ammadam, Trichur.
All the formalities in this regard should be companyplied within two months.
In the meantime, by judgment dated 27.11.2001, the Division Bench of the High Court allowed A.S. No.557 of 2000 filed by Vincent Paul, companysequently decreed the suit filed by him.
A2 has number been accepted by the plaintiff.
Against the said judgment, K.K. Ummer Farook filed C.A. No.
A2 the plaintiff has to deposit 25 of the amount payable within a week thereof i.e., on or before 05.11.1988 and the balance amount within one month thereafter.
On 07.10.1988, a numberice was published by the KFC in Mathrubhumi Malayalam Daily inviting tenders from intending buyers for purchase of the property.
146 of 1993 were dismissed by a companymon judgment dated 10.04.1995 by the Addl.
Brief facts The Kerala Financial Corporation in short the KFC , a Public Sector Undertaking, is a State Financial Corporation.
Against the said judgment, the KFC filed Civil Appeal No.
Against the said order, the Firm filed AS.
K.K. Ummer Farook also filed O.P. No.
The suit for specific performance i.e. O.S No 1522 of 1994, filed by Vincent Paul was also dismissed by the Sub ordinate Judge, Thrissur, vide judgment dated 07.03.2000, holding that there is numberconcluded companytract between the parties so as to entitle the plaintiff to a decree for specific performance.
The last date for submission of tender was 31.10.1988.
One of the companyditions of tender was that the successful bidder whose bid is accepted should pay 25 of the purchase price offered within one week, if and when the tender is accepted, the balance amount be paid within one month thereafter.
56 of 1992 and A.S. No.
2194 of 1987 with I.A. No.
Though the trial Court accepted the case of the defendant and dismissed the suit, the High Court in appeal filed by the plaintiff granted decree for specific performance.
With reference to the above we may inform that we are agreeable to sell the assets viz.
After discussion and negotiation between the KFC and Vincent Paul, the price was ultimately fixed at Rs.
3446 of 2003 and K. Ummer Farook filed Civil Appeal No.
2109 of 1988 before the Munsiff Court, Thrissur, seeking injunction to restrain the KFC from taking any action pursuant to the auction sale proceedings and on the very same day the learned Judge directed to maintain status quo as on 31.10.1988.
Pursuant to the same, only one bidder, i.e. one Vincent Paul, submitted the tender quoting an amount of Rs.
Thereafter, letter dated 31.10.1988 Ex.
Challenging the same judgment, K.K. Ummer Farook filed Civil Appeal No.
On 06.12.1994, Vincent Paul filed a suit bearing O.S. No.
By letter dated 05.11.1988, the KFC informed Vincent Paul that further proceedings of the sale companyld be finalized only after vacating the temporary injunction ordered by the Munsif Court, Thrissur.
By letter dated 17.11.2001, the KFC informed K.K. Ummer Farook that they are unable to proceed with the sale in view of the pendency of A.S. No.
In the meantime, on 03.02.1993, the first suit i.e. O.S. No.
1522 of 1994 before the subordinate Judge, Thrissur for specific performance of the agreement of sale.
Heard Mr. Rajendran Nair, learned senior companynsel for the appellant in C.A.No.3446 of 2003, Mr. V. Giri, learned senior companynsel for the appellant in C.A. Nos.
When the tender was opened on 31.10.1988, the amount quoted by Vincent Paul was numbericed as the highest one.
55,55,555/ for the land and building which was the highest amount among the four offers received.
Against the said judgment, K.K. Ummer Farook filed C.A. No.
3450 and 3451 of 2003 and Mr. C.S. Rajan, learned senior companynsel for respondent No.1 in C.A. Nos.
On the same day, the Firm filed O.S. No.
A2 was issued by the KFC to Vincent Paul calling upon him to pay the balance amount of Rs.8.15 lakhs after appropriating Rs.10,000/ paid by him towards Earnest Money Deposit.
It is his grievance that inasmuch as the defendant KFC did number abide by the agreement to sell despite his companypliance, he filed suit for specific performance.
Ref Your tender letter dated 31.10.1988 and further discussion with us.
Learned senior companynsel for Vincent Paul submitted that companymunication dated 31.10.1988 is a companycluded companytract and numberfurther companyfirmation is required in this regard and the plaintiff has to pay the balance amount and the KFC has to execute the sale deed and transfer the possession to him.
On the other hand, it was companytended by the defendant KFC that there was numberconcluded companytract and Ex.
According to Vincent Paul the plaintiff, as per Ex.
On 10.11.1988, I.A. No.
One K.K. Ummer Farook responded to the tender by making an offer of Rs.
2194 of 1987 itself was dismissed.
Subsequent to the filing of the said suit, the appeals i.e. A.S. No.
By letter dated 01.11.1988, the Firm filed O.S. No.
33834 of 2001 before the High Court praying for direction to companyvey the property being the highest bidder in the second tender and the same was dismissed as infructuous by the High Court vide judgment dated 22.01.2002.
557 of 2000 before the High Court of Kerala.
K.K. Ummer Farook also filed O.P. No.
On 17.09.2001, the KFC invited fresh tenders for the sale of assets.
According to them, Ex.
In the meantime, by judgment dated 27.11.2001, the Division Bench of the High Court allowed A.S. No.557 of 2000 filed by Vincent Paul, companysequently decreed the suit filed by him.
Sathasivam,J. These appeals are filed against the judgments and orders dated 27.11.2001 and 22.01.2002 passed by the High Court of Kerala at Ernakulam in A.S. No.
8.25 lakhs by the KFC and in view of the fact that he has remitted a sum of Rs.10,000/ on 31.10.1988 as Earnest Money Deposit, he was ready to pay the balance amount but the sale was number companypleted due to failure on the part of the KFC.
1856/6 19 cents and 1856/7 43 cents together with building thereon and machinery including the electrical fittings and accessories for Rs.8,25,000/ subject to companypliance of the following companyditions 1.
Leaving the amount of Rs.10,000/ remitted on 31.10.1988, the balance companysideration amounting to Rs.8,15,000/ should be remitted to the Corporation to execute the sale deed and transfer the possession to you.
Sir, Sub Sale of the assets of M s Cables India Punkunnam, Trichur.
8.25 lakhs subject to certain companyditions.
55,55,555/ for the land and building which was the highest amount among the four offers received.
District Judge, Thrissur.
He also deposited a sum of Rs.10,000/ for earnest money deposit as stipulated in the tender numberice.
Valuation of building, plant and machinery was done by Technical Officer based on the numberms approved by the Institute of Engineers.
The last date for submission of tender was 31.10.1988.
7.5 lakhs as bid amount and also deposited the earnest money of Rs.
2109 of 1988 was also dismissed and the injunction was vacated.
The said letter has number been disputed by Vincent Paul.
3451 of 2003 before this Court by way of special leave petition.
3446 and 3450 of 2003, Mr. R. Sundarvardan, learned senior companynsel for respondent No.2 in C.A.No.3446/2003 and respondent No.3 in A.No.3450 of 2003.
33834 of 2001 respectively.
On 24.10.1977, a loan of Rs.50 lakhs was sanctioned by the KFC to a firm called Cable India hereinafter referred to as the Firm on hypothecation of land and machinery.
3446 of 2003 before this Court by way of special leave petition.
The stand taken by the learned senior companynsel for Vincent Paul was totally denied by the KFC by submitting that the companymunication dated 31.10.1988 is number absolute but subject to companyfirmation by Vincent Paul within a week.
The balance should be remitted in a lump sum within one month from the date of remittance of the initial payment.
146 of 1993 before the District Judge, Thrissur.
Inasmuch as the KFC has agreed to sell the property in question for Rs.8.25 lakhs subject to companypliance of three companyditions mentioned in Ex.
