IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 8TH JUNE 2011 / 18TH JYAISHTA 1933 WP(C).No. 8473 of 2007(H) ------------------------- PETITIONER ------------------- MR.P.PICHAIAH, AGED 55 YEARS, S/O.PADMANABHA REDDIAR, MANAGING PARTNER, M/S ANUPAM COMPLEX, MITEBEL JUNCTION, MAVELIKKARA , RESIDING AT ALINTEKIZHAKKATHIL AMBIKA MADOM, KANDIYOOR, THATTARAMBALAM P.O., MAVELIKKARA, ALAPPUZHA. BY ADVS. SRI.N.SURESH SRI.P.V.CHERIAN RESPONDENT(S): ------------------------ UNION BANK OF INDIA, REPRESENTED BY ITS SENIOR MANAGER, MAVELIKKARA BRANCH, AT P.B.NO.101, ANUPAM COMPLEX, MITCHEL JUNCTION, MAVELIKKARA 690101, ALAPPUZHA DISTRICT. BY ADV. SRI.A.S.P. KURUP THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 08/06/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 8473 of 2007(H) ------------------------------------- APPENDIX --------------- PETITIONER'S EXHIBITS ------------------------------------- EXT.P1. COPY OF THE COMMUNICATION ISSUED FROM OFFICE OF THE CENTRAL PUBLIC INFORMATION OFFICER, UNION BANK OF INDIA. EXT.P2. COPY of the REQUEST MADE BY THE PETITIONER TO THE RESPONDENT DATED 28.02.2007. EXT.P3. COPY OF THE ACCEPTANCE MEMO FROM THE RESPONDENT TO THE PETITIONER ISSUED THROUGH COURIER SERVICE DATED 3.3.2007. RESPONDENT'S EXHIBITS -------------------------------------- EXT.R1(A). COPY OF ENCUMBRANCE CERTIFICATE DATED 19.08.2006 ISSUED BY THE MAVELIKKARA SUB REGISTRY OFFICE. EXT.R1(B). COPY OF THE JUDGMENT DATED 10.04.2003 IN O.S.NO.65/2001 OF THE SUB COURT, MAVELIKKARA. / TRUE COPY / P.A. TO JUDGE VK S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 8473 of 2007 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 6th day of June, 2011. J U D G M E N T The petitioner is a defaulter in repayment of loan amounts due to the respondents. Respondents initiated proceedings under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and brought the mortgaged property to sale. After sale, from the sale price, the amounts due to the Bank has been adjusted. There was balance amount due to the petitioner after adjusting the amounts due under the loan. The petitioner has filed this writ petition seeking a direction to the Bank to release an amount of Rs.25,17,768.64 to the petitioner. 2. The Bank has filed a counter affidavit taking the stand that the Bank could not pay the money to the petitioner since one Smt. Thankamma and 3 others filed W.P(C) No. 28595/2004 against the petitioner and the Bank before this Court challenging the proceedings initiated by the Bank under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 claiming right over the mortgaged property on the ground that subsequent to the mortgage in favour of the Bank, they had purchased a major portion of the mortgaged property from the petitioner as per various sale deeds and therefore they have right over the said amount. 3. This Court originally passed an interim order on 3.4.2007 as follows: “If, ultimately, this Court finds that the petitioner is entitled to receive any money from the first respondent-Bank, the first respondent shall pay interest on that amount at lending rates of the first respondent-Bank.” -: 2 :- Subsequently, that order was modified by order dated 1.6.2007 as follows: “In modification of the order dated 3.4.07, the respondent is permitted to file an inter-pleader suit in respect of the amount which is the subject matter in this writ petition, after deducting the expenses incurred by the respondents.” The learned standing counsel for the Bank submits that the Bank has already filed an inter-pleader suit as O.S. No. 161/07 before the Sub Court, Mavelikkara with the petitioner herein as the 1st defendant and the petitioners in W.P(C) No. 28595/2004 as the other defendants and has also deposited the amount before the Sub Court. In the above circumstances, this writ petition is disposed of leaving it open to all the parties to raise all their contentions in the above inter-pleader suit. Sd/- S. Siri Jagan, Judge. Tds/