IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 28TH JUNE 2010 / 7TH ASHADHA 1932 WP(C).No. 15131 of 2010(N) ---------------------------------------- PETITIONER(S): ----------------------- A.R. NOUSHAD, S/O.ABDUL RAHMAN, AGED 41 RESIDING AT CHANDRAN VILAYIL VEEDU, VETTOOR, VARKALA, CHIRAYINKEEZHU TALUK,TRIVANDRUM DISTRICT, MANAGING DIRECTOR, M/S. DEVI SCANS PVT. LTD., KUMARAPURAM, TRIVANDRUM DISTRICT, REP. BY THE POWER OF ATTORNEY HOLDER A.R. AZAD, S/O.ABDUL RAHMAN, AGED 49 YEARS, RESIDING AT F.N. NIVAS, MELVETTOOR. P.O, CHIRAYINKIL TALUK, TRIVANDRUM DISTRICT. BY ADV. SRI.J.S.AJITHKUMAR, SRI.S.ASWAKUMAR. RESPONDENT(S): -------------------------- 1. AUTHORISED OFFICER, UNION BANK OF INDIA, REGIONAL OFFICE, UNION BANK BHAVAN, M.G. ROAD, STATUE, THIRUVANANTHAPURAM-695 001 2. UNION BANK OF INDIA, KARAMANA BRANCH, REPRESENTED BY ITS CHIEF MANAGER, KARAMANA.P.O, TRIVANDRUM DISTRICT. 3. AJITH, S/O. SOMAN, AGED 45 YEARS, T.C 1/12(2), KILITHATTU VEEDU, MEDICAL COLLEGE.P.O, TRIVANDRUM DISTRICT. R1 & R2 BY ADV. SRI.A.S.P.KURUP, SC, UBI . R3 BY ADV. SRI.SUMAN CHAKRAVARTHY, SMT.K.R.RIJA, SMT.BINDU GEORGE. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 28/06/2010,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: rs. P.R.RAMACHANDRA MENON, J --------------------------- W.P(C) No.15131 of 2010-N ---------------------------- Dated this the 28th day of June, 2010. J U D G M E N T The third respondent herein had availed different loans from the respondent Bank, creating security interest over the property in question. While so, some agreement was entered into between the petitioner and the third respondent to sell the property in question and the property was purchased by the petitioner, as borne by Ext.P1. It was after execution of the sale deeds as above, that the petitioner came to know that there was some liability for the third respondent to the Bank; submits the learned counsel for the petitioner. 2. On further enquiry with the Bank, it is stated that the petitioner was let known that, there were altogether seven loans availed by the third respondent, creating security interest on the very same property; out of which two loans were in the 'housing sector'. In the meanwhile, the Bank filed Ext.P4 complaint before the Judicial First Class Magistrate's Court, Thiruvananthapuram, in respect of the various offences against the third respondent, his W.P(C) No.15131 of 2010-N 2 wife and also the petitioner. The Bank also filed O.S No.155 of 2010 before the Sub Court, Thiruvananthapuram against the three persons for restraining alienation of the property any further and for such other incidental reliefs. 3. In the course of subsequent developments, the petitioner approached the Bank expressing his bonafides and seeking to settle the liability. The petitioner was let known by the Bank that, unless and until the entire liability under the seven loans was cleared, the petitioner could not be let at liberty, which made the petitioner to approach this Court by filing this Writ Petition. 4. When the matter came up for consideration before this Court on 10.6.2010, it was undertaken by the petitioner that the petitioner would pay Rs.3 crores within one week, which is stated as complied with. The Bank has filed a statement and an additional statement, showing the balance amount due from the third respondent and his wife under different loan transactions (total sum of Rs.6,89,25,247/- under the seven loan transactions) and after giving credit to the sum of Rs.3 crores already deposited on 1.4.2010, the balance amount will come to Rs.3,89,25,247/-. It is stated that the petitioner has entered into some W.P(C) No.15131 of 2010-N 3 agreements/arrangements to sell the property and that the petitioner would clear the entire outstanding liability to the Bank within the shortest possible time; for which some breathing time is sought for. 5. The learned counsel appearing for the third respondent submits that, pursuant to the agreement arrived at, between the petitioner and the third respondent, nearly 30% of the shares of the institution by name M/s.Devi Scans Pvt.Ltd. have already been transferred to the name of the petitioner and that the third respondent does not have any objection at all in releasing the title deeds to the petitioner, on satisfying the balance liability to the Bank, besides agreeing to assign the properties forming the subject matter of the housing loan covered by sale deed No.1983/92 of SRO Pattom. 6. The learned counsel for the Bank submits that, the course and events pursued by the petitioner and the third respondent cannot but be deprecated. It is also submitted that the balance liability shall be cleared by the petitioner without any further delay, so as to cause release of the title deeds. 7. Considering the submissions made by the learned W.P(C) No.15131 of 2010-N 4 counsel appearing for the parties concerned and also considering the extent of liability as to the balance sum of Rs.3,89,25,247/-, this Court finds it fit and proper to permit the petitioner to clear the same in a phased manner. Accordingly the petitioner is directed to satisfy a sum of Rs.1 crore on or before 30.7.2010 and the balance amount shall be cleared at the rate of Rs.50 lakhs each on or before 30th of the succeeding months. 8. The learned counsel for the petitioner submits that the entire liability is intended to be cleared at the earliest, notwithstanding the above time limit and instalments ie. by effecting payment within two or three months, on generating necessary funds; which submission is also recorded. It is made clear that, if any default is committed by the petitioner in clearing the amount as ordered above, the respondents will be at liberty to proceed with further steps for realisation of the entire amount in a lump sum. The Writ Petition is disposed of accordingly. P.R.RAMACHANDRA MENON JUDGE ab