IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE K.SURENDRA MOHAN MONDAY, THE 15TH MARCH 2010 / 24TH PHALGUNA 1931 WP(C).No. 8455 of 2010(F) ------------------------- PETITIONER(S): --------------- PRAVEEN V.D., AGED 39, S/O.DAMODHARAN, VAZHAPPULLY HOUSE, KAZHIMBRAM DESOM, KAZHIMBRAM POST, VALAPPAD VILLAGE, CHAVAKKAD TALUK, THRISSUR DISTRICT. BY ADV. SRI.G.SREEKUMAR (CHELUR) SRI.K.RAVI (PARIYARATH) RESPONDENT(S): --------------- 1. THE KERALA STATE CO-OP. TRIBUNAL, THIRUVANANTHAPURAM. 2. THE ASST. REGISTRAR OF CO-OP. SOCIETIES/ARBITRATOR CUM SPECIAL SALE OFFICER, THRISSUR DISTRICT CO-OP. BANK LTD., SAHAKARANA SHATHABDHI MANDIRAM, TUDA ROAD, THIRUVAMBADY P.O., THRISSUR-680 022. 3. THE THRISSUR DISTRICT CO-OP. BANK LTD., SAHAKARANA SHATHABDHI MANDIRAM, TUDA ROAD, THIRUVAMBADY P.O., THRISSUR-680 022, REP. BY ITS GENERAL MANAGER. R1 BY GP K C SANTHOSH KUMAR R2 AND R3- BY STANDING COUNSEL P C SASIDHARAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 15/03/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: K.SURENDRA MOHAN, J ........................................... WP(C).NO. 8455 OF 2010 ............................................ DATED THIS THE 15TH DAY OF MARCH, 2010 JUDGMENT The petitioner had availed a loan from the third respondent Bank. However, the instalments towards repayment of the loan were defaulted by him. The Bank initiated arbitration proceedings as ARC No.135 of 2006 and an award was passed. However, since the amount was not paid, execution proceedings were initiated as E.P.267 of 2008 and the property of the petitioner was brought to sale and was sold on 15.1.2010. The Bank has purchased the property, but the sale has not been confirmed yet. 2. According to the petitioner, an amount of Rs.2,20,000/- was paid towards the amount due on 24.12.2009. The petitioner has filed a revision in the matter before the first respondent, which is pending as Revision Petition.No.9 of 2010. Along with the revision petition, the petitioner has also filed Ext.P2 stay petition seeking a stay of further proceedings pursuant to the award of the Arbitrator in ARC No.135 of 2006. According to the petitioner, no orders have been passed on his Wpc 8455/2010 2 revision or the stay petition till date. Therefore, he prays for appropriate directions to consider and pass orders on his stay petition on an early date. He also prays for a stay of further proceedings to recover the amounts demanded. 3. I have heard Adv.P.C.Sasidharan, who appears for the third respondent Bank also. According to the learned counsel, the award is of the year 2006 and the execution petition is of the year 2008. The Bank has given sufficient time to the petitioner to clear the dues. But the petitioner has not taken advantage of the opportunities, though he is possessed of sufficient means to pay the amounts due. 4. In view of the fact that the revision petition as well as stay petition are pending before the first respondent, I think that an opportunity can be given to the petitioner to save his property by paying the defaulted amounts. I also notice that the Bank is the auction purchaser and that the Bank is interested only in recovering the amounts due and not in retaining the property. However, an opportunity could be given to the petitioner only on his proving his bonafides by making a substantial deposit. Wpc 8455/2010 3 5. In the above circumstances, this writ petition is disposed of directing the first respondent to consider the revision petition as well as stay petition filed by the petitioner, in accordance with law, and to pass appropriate orders thereon, as expeditiously as possible and at any rate, within a period of two months from the date of receipt of a copy of this judgment. I make it clear that I have not said anything about the maintainability of the revision, which itself is being disputed by the third respondent, Bank. Pending final orders on the stay petition filed by the petitioner, all further proceedings of the second respondent to confirm the sale of the petitioner's property shall remain stayed on condition that the petitioner pays an amount of Rs.3,00,000/- towards the amounts demanded, within a period of fifteen days from today. K.SURENDRA MOHAN, JUDGE lgk