IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 15TH DECEMBER 2011 / 24TH AGRAHAYANA 1933 WP(C).No. 28214 of 2011(B) ------------------------------------- PETITIONER(S): --------------------- R.CHELLAMMA, PROPRIETRIX, APARANA INDANE SERVICES, MUTTIKULANGARA PO, PUDUPARIYARAM, PALAKKAD. BY ADV. SRI.K.MOHANAKANNAN SMT.A.R.PRAVITHA SMT.RASHMI RAVINDRAN RESPONDENT(S): ------------------------ 1. THE BRANCH MANAGER, INDIAN BANK, THORAPALAYAM BRANCH, PALAKKAD 678 594. 2. ZONAL OFFICER, INDIAN, BANK CHITTOOR ROAD, KOCHI 680 216. 3. SOUDHAMINI, KEEZHAPPATT HOUSE, LAKKIDI PO, PALAKKAD 679 301. R1$ R2 BY ADV.SRI.S.EASWARAN R3 BY ADV. SRI.T.P.RAMACHANDRAN SMT.REKHA C.NAIR SRI.M.SREELAKSHMI THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 15/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: AS WPC.NO.28214/2011 APPENDIX PETITIONER(S) EXHIBITS : EXHIBIT P1: COPY OF THE NOTICE DATED 22/3/2011 EXHIBIT P2: COY OF THE NOTICE DATED 30/4/2011 EXHIBIT P3: COPY OF THE STATEMENT OF ACCOUNT ISSUED BY THE BANK EXHIBIT P4: COPY OF THE INTERIM ORDER IN WPC 15050/2011 DATED 3/6/2011 EXHIBIT P5: COPY OF THE JUDGMENT IN WPC 15050/2011 DATED 5/7/2011 EXHIBIT P6: COPY OF THE LETTER DATED 17/9/2011 BY THE BANK WITH D.D EXHIBIT P7: TRUE COPY OF THE LETTER DATED 19/9/2011 EXHIBIT P8: TRUE COPY OF LETTER DATED 24/8/2011 ISSUED BY THE BANK RESPONDENTS' EXHIBITS : EXHIBIT R3(A): COPY LETTER OF CONFIRMATION SALE DATED 24.8.2011 ISSUED BY RESPONDENT BANK. EXHIBIT R3(B): COPY OF CERTIFICATE OF SALE DATED 14.09.2011 ISSUED BY AUTHORISED OFFICER OF RESPONDENT BANK. EXHIBIT R3(C): COPY OF DOC. NO. 3249/2011 OF SRO, OLAVAKKODU DATED 7.10.2011 /TRUE COPY/ P.A TO JUDGE AS S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.28214 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 15th day of December, 2011 J U D G M E N T Proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) were initiated by respondents 1 & 2 for recovery of loan amounts due from the petitioner. The secured asset was brought to sale and the 3rd respondent purchased the same. From the purchase price, respondents 1 & 2 have appropriated the amounts due from the petitioner to respondents 1 & 2 and forwarded the balance amounts to the petitioner by a demand draft. The petitioner has not encashed the D.D. The petitioner now seeks cancellation of the sale with permission to pay off the amounts due to the bank. The petitioner seeks the following reliefs: “i) To issue a writ of certiorari or any other appropriate writ order or directions calling for the records leading to Ext.P8 and quash the same; ii) to issue a writ of mandamus or any other appropriate writ or order or direction declaring that the sale W.P.(C)No.28214 of 2011 -2- conducted and confirmed pursuant to Ext.P1 and P2 on 7.6.2011 is nonest and illegal; iii) to issue a writ of mandamus or any other appropriate writ or order or direction directing the respondents 1 - 2 to permit the petitioner to settle the liability within a short time and the property sold by Ext.P8 may be restored to the petitioner within the time frame fixed by this Hon'ble Court; iv) to issue a writ of mandamus or any other appropriate writ or order or direction directing the respondents 1 to 3 not to interfere with in any manner with the possession and enjoyment of the property covered Ext.P8 by the petitioner and family;” The 3rd respondent would submit that she is a bonafide purchaser and in so far as there is no circumstances vitiating the sale, the petitioner cannot now challenge the sale as such. The Standing Counsel for the Bank also supports the 3rd respondent. I put it to the counsel for the 3rd respondent as to whether the 3rd respondent is prepared to re-convey the property to the petitioner on the petitioner paying the amount paid by the 3rd respondent with reasonable compensation. Today the 3rd respondent has filed a statement fixing Rs.17,67,400/- as the amount which would be payable by the petitioner to the 3rd respondent if this Court is inclined to give any reliefs to the petitioner to W.P.(C)No.28214 of 2011 -3- save her property. In the facts and circumstances of the case, I am of opinion that justice would be met if the 3rd respondent reconveys the property to the petitioner, after accepting Rs.17,67,400/-. The amount shall be paid within one month from today. If the petitioner does not pay the amounts within one month, the petitioner would pay further interest at the rate of 10% per annum to the 3rd respondent on the amount of Rs.17,67,400/-. Needless to say all expenses for reconveyance of the property to the petitioner shall be borne by the petitioner. For the said period of one month, the petitioner shall not be dispossessed from the property. Sd/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/