IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 25TH AUGUST 2009 / 3RD BHADRA 1931 WP(C).No. 20038 of 2009(Y) -------------------------- PETITIONER: --------------- SAM PAUL, GRACE BHAVAN, PIRAVANTHUR VILLAGE, KOLLAM DISTRICT. BY ADV. MR. S.ABDUL RAZZAK RESPONDENTS: --------------- 1. CANARA BANK, REPRESENTED BY MANAGER, PUNALUR BRANCH, KOLLAM DISTRICT. 2. GOVERNMENT OF INDIA, REPRESENTED BY SECRETARY, MINISTRY OF FINANCE, NEW DELHI-01. 3. THE DISTRICT MAGISTRATE, CIVIL STATION, KOLLAM. ADV. MR. P.GOPINATH MENON, SC, CANARA BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25/08/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 20038 of 2009 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 25th day of August, 2009 JUDGMENT The petitioner is challenging the coercive steps taken by the respondent Bank, invoking the relevant provisions under the SARFAESI Act on many a ground, legal as well as factual. It is also the case of the petitioner that, the Bank had offered the benefit of 'OTS' as borne by Ext.P7, and the total amount required to be satisfied by the petitioner was Rs. 22,53,246/-. The learned counsel for the petitioner submits that, the petitioner is ready and willing to clear the liability by depositing the entire amount covered by Ext.P7. 2. The learned counsel appearing for the respondent Bank submits that, the petitioner does not deserve any more sympathy, as much opportunities have already been extended to him as revealed from the sequence of events brought on record. However, the learned counsel further submits on instructions that, in spite of the fact that the total liability as on date is more than Rs. 28 lakhs, the Bank is ready and willing to have it reduced and confined to an extent of Rs. 24 lakhs, if the said amount is cleared by the petitioner forthwith, to have the loan transaction closed for ever. 3. After hearing both the sides, the petitioner is directed to deposit the said amount of Rs. 24 lakhs on before the 15th of WP (C) No. 20038 of 2009 : 2 : September, 2009, on which event the said amount shall be kept in a suspense account. On satisfying the requirement as above, the respondent shall release the title deeds of the petitioner, who is at liberty to deal with the property and subject the same to sale for generating funds at the choice of the petitioner. Once the title deeds are released to the petitioner, the respondent Bank can very well appropriate the amount deposited by the petitioner and kept in the suspense account as aforesaid. The Writ Petition is disposed of as above. P. R. RAMACHANDRA MENON, JUDGE kmd