THE HON'BLE SRI JUSTICE L.NARASIMHA REDDY WRIT PETITION No.25127 of 2009 ORDER: The petitioner was working as Branch Manager in Life Insurance Corporation of India. He was deputed to render services in L.I.C. Housing Finance Limited, respondent No.5 herein. He took voluntary retirement in September, 2006. He was paid the benefits payable under the scheme. However, a sum of Rs.7,00,000/- was withheld. The petitioner seeks a direction to the respondents to release the said amount. On behalf of respondent Nos.1 and 2, a counter-affidavit is filed. It is stated that the petitioner was found responsible for sanction and payment of loan to a tune of Rs.7,00,000/- to fictitious persons and the proceedings initiated for recovery thereof did not yield any result. They undertake to release the amount as soon as the liability against the petitioner is cleared. Heard the learned counsel for the petitioner and the learned counsel for the respondents. The petitioner handled certain transactions of respondent No.5. Some of the loans sanctioned and released by him were found to be in favour of fictitious persons. The petitioner had since taken voluntary retirement from service. Across the Bar, it is stated that the suits were filed for recovery of the amounts that were sanctioned by the petitioner and the decrees were also passed. In case the amount is realized, the petitioner virtually gets cleared off the allegation or liability. However, the respondents cannot be required to pay the amount even while the liability against the petitioner subsists. The learned counsel for the petitioner submits that his client is prepared to offer a house standing in his name as security and that the L.I.C. Housing Finance Limited itself has sanctioned the loan vis-à-vis the said house on being satisfied about the title. For the foregoing reasons, the writ petition is disposed of, directing that respondent Nos. 1 and 2 shall consider the feasibility of releasing the remaining amount of retirement benefits to the petitioner by keeping the immovable property owned by him as security. In case the amount is released, the security shall be released. This exercise shall be completed within a period of four (4) weeks from today. There shall be no order as to costs. __________________ L.NARASIMHA REDDY,J Dt:29.11.2010. kdl