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Judgment
The petitioner, who is a proprietor of a Four Star Hotel with Bar facility, has filed this writ petition aggrieved by the proceedings under Section 29 of
the State Financial Corporations Act, 1951 initiated by the Corporation as per Exts.P13 and P14 notices.
In the notices, it is stated that a sum of Rs.8,89,80,404/- is due from the petitioner. Pointing out the financial crisis faced by the petitioner on account
of various circumstances including the COVID-19 pandemic, petitioner has submitted Ext.P15 representation.
The learned counsel for the petitioner submits that the petitioner is ready to sell out one of the items of property offered as security towards the
amount and for that purpose, he has submitted Ext.P15 representation.
The learned Standing Counsel submitted that the petitioners can approach the Chief Manager along with the proposed buyer and the representation
would be considered by the Chief Manager. The learned Standing Counsel also submitted that in order to show the bonafides, the petitioner would
have to make substantial payment.
The writ petition is therefore disposed of directing the respondents to consider Ext.P15 representation and to take a decision, after hearing the
petitioner within a period of two weeks from the date of receipt of a copy of the judgment. Till such time, no coercive action shall be taken against the
petitioner.