IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.N.RAVINDRAN FRIDAY, THE 4TH FEBRUARY 2011 / 15TH MAGHA 1932 WP(C).No. 38159 of 2010(T) --------------------------------------- PETITIONER(S): ----------------------- V.V.BALAKRISHNAN, S/O.AYYAPPU, AGED 51, RESIDING AT VEETTIL VALAPPIL HOUSE TIRUR TALUK, MANGALAM VILLAGE, MANGALAM DESOM MALAPPURAM DT. BY ADV. SRI.E.NARAYANAN RESPONDENT(S): -------------------------- THE SECRETARY,THE PARAPPANGADI REGIONAL HOUSING CO-OPERATIVE SOCIETY (LTD) NO.M.38, PARAPPANAGADI P.O, PIN 676 303. BY ADV. SRI.V.RAJENDRAN THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 04/02/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sts WP(C)NO.38159/2010 APPENDIX PETITIONER'S EXHIBITS: P1 COPY OF THE ORDER DATED 23/01/09 PASSED BY THE ASSISTANT REGISTRAR (GENERAL) TIRUR. P2 COPY OF THE CERTIFICATE OF SALE DATED 23/01/09 ISSUED BY THE ASSISTANT REGISTRAR OF CO-OPERATIVE SOCIETIES (GENERAL) TIRUR. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.S.TO.JUDGE sts P.N. RAVINDRAN, J. ------------------------------- W.P.(C) No.38159 of 2010 ------------------------------- Dated this the 4th day of February, 2011 J U D G M E N T The petitioner had availed a loan from the Parappanangadi Regional Housing Co-operative Society Ltd. When he defaulted repayment of the loan, the bank initiated steps to recover the loan by sale of the security. The security was accordingly sold on 28.7.2008 and purchased by bank itself for the sum of Rs.1,04,000/-. The sale was confirmed on 23.1.2009 and a certificate of sale was also issued. In this writ petition, the petitioner challenges the sale and seeks the intervention of this Court to pay the entire amount in instalments. 2. The respondent bank has filed a counter affidavit dated 23.1.2011. In paragraph 3 thereof, it is stated that the amount due as on 31.1.2011 is Rs.1,33,412/-, which includes the sum of Rs.11,680/- spent by the bank towards registration of the document and Rs.17,732/- which represents the interest on the defaulted amount from the date of sale till 31.1.2011. 3. When the writ petition came up for hearing today, Sri.E.Narayanan, the learned counsel appearing for the petitioner did not address arguments on merits, but submitted that the petitioner may be given an opportunity to pay the balance amount due as on 31.1.2011 in 10 equal monthly instalments. Sri.V.Rajendran, the W.P.(C) No.38159/2010 2 learned standing counsel appearing for the bank has no objection in the sale being set aside and sale certificate being cancelled, in the event of the petitioner paying the amount due with subsequent interest in five instalments. In the light of the said submission, I am of the opinion that the writ petition can be disposed of with the following directions:- i) The petitioner shall within one month from today remit with the respondent bank the sum of Rs.30,000/-. He shall pay the balance amount in five equal monthly instalments of Rs.20,000/-. The first instalment of Rs.20,000/- shall be paid on or before 4th of April, 2011 and the succeeding instalments on the 4th of every succeeding English calendar months. If the 4th day of any month happens to be a holiday, the payment shall be made on the next working day. ii) The bank shall upon the petitioner remitting the said six instalments inform the petitioner of the balance amount due from him as on the date of W.P.(C) No.38159/2010 3 the last remittance. The petitioner shall pay the said amount within one month from the date of receipt of the intimation regarding the amount payable by him. iii)The Joint Registrar shall thereupon issue an order setting aside the sale held on 28.7.2008 and cancel the sale certificate issued to the respondent bank. P.N. RAVINDRAN, JUDGE. nj.