IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 2ND NOVEMBER 2011 / 11TH KARTHIKA 1933 WP(C).No. 19513 of 2007(W) ---------------------------------- PETITIONER(S): ------------------- 1. RAGHAVAN V.K., AGED 57 YEARS, VAYALIL VEEDU, KALLAD KARA CHELLAD, KOTHAMANGALAM, ERNAKULAM DISTRICT. 2. LEELADEVI RAGHAVAN, W/O.RAGHAVAN, VAYALIL VEEDU, KALLAD KARA CHELLAD, KOTHAMANGALAM, ERNAKULAM DISTRICT. BY ADV. SRI.PAUL K.VARGHESE RESPONDENT(S): -------------------- 1. DISTRICT COLLECTOR, CIVIL STATION, KAKKANAD, ERNAKULAM. 2. THE TAHSILDAR, KOTHAMANGALAM TALUK, KOTHAMANGALAM. 3. THE SUNDARAM HOME FINANCE, SECOND FLOOR, ELIZABETH ALEXANDER MEMORIAL BUILDING, OPPOSITE RAINBOW BRIDGE, MARINE DRIVE, ERNAKULAM, REPRESENTED BY BRANCH MANAGER. 4. SRI.S.NARAYANAN, AUTHORIZED OFFICER, SUNDARAM HOME FINANCE LTD., ELIZABETH ALEXANDER MEMORIAL BUILDING, OPPOSITE RAINBOW BRIDGE, MARINE DRIVE, ERNAKULAM. 5. SRI.K.J.VARGHESE, S/O.JOSEPH, AGED 53 YEARS, KUNNATH HOUSE, PINDIMANA KARA, KOTHAMANGALAM TALUK. Svs .......2/-.... ...2... WPC. NO.19513/2007 6. SIBY CHACKOCHAN, S/O.CHACKOCHAN, AGED 42 YEARS, MANAYANIPURAM HOUSE, KURAMBARA, KOTHAMANGALAM TALUK. 7. AJI NARAYANAN, S/O.NARAYANAN, AGED 40 YEARS, MUTHUKKATU HOUSE, KARINGAZHA, KOTHAMANGALAM. 8. SHAJU PAUL, S/O.POULOSE, AGED 43 YEARS, MANJUMMAKKUDIYIL HOUSE, KALLADU KARA, KOTHAMANGALAM. R1 & R2 BY GOVT. PLEADER SMT. P.A.RAZIYA R3,4 BY ADVS. SRI.VARGHESE C.KURIAKOSE SRI.PRAVEEN K. JOY SMT.THANKOM.G R5-8 BY ADV. SRI.SUNIL NAIR PALAKKAT THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 02/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: svs W.P.(C). NO. 19513/2007 APPENDIX PETITIONER'S EXHIBITS: P1: COPIES OF THE RECEIPTS DATED 11/08/2003, 08/12/2003, 27/02/2003, 09/02/2005, 27/05/2004, 30/03/2004, 28/01/2004. P2: COPY OF THE NOTICE DATED 11/03/2003 ISSUED BY THE 3RD RESPONDENT. P3: COPY OF THE ORDER ISSUED BY THE 1ST RESPONDENT TO THE 2ND RESPONDENT DATED 22/12/2006 PROVIDING ASSISTANCE FOR TAKING POSSESSION OF THE SAID PROPERTY. P4: COPY OF THE TENDER CUM AUCTION SALE PUBLISHED IN MADHYAMAM DAILY DATED 06/03/2007 AND THE REGISTERED SALE DEED NO.3932/2007 EXECUTED BY THE 4TH RESPONDENT IN FAVOUR OF THE RESPONDENTS NO. 5 TO 8. RESPONDENT'S EXHIBITS: R3(a):COPY OF THE SECTION 13(2) NOTICE DATED 12/07/2004. R3(b):COPY OF THE ACKNOWLEDGMENT CARD DATED 22/07/2004 SIGNED BY THE 2ND PETITIONER. R3(c):COPY OF THE ACKNOWLEDGMENT CARD DATED 22/07/2004 SIGNED BY THE 2ND PETITIONER. R3(d):COPY OF THE PAPER PUBLICATION IN DESABHIMANI REPORT DATED 20/01/2007. R6(a):COPY OF TAX PAID RECEIPT DATED 19/05/2007 ISSUED BY VILLAGE OFFICE, KOTHAMANGALAM VILLAGE. /TRUE COPY/ P.A. TO JUDGE. svs S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 19513 of 2007 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 2nd day of November, 2011. J U D G M E N T The petitioners have filed this writ petition challenging proceedings under the Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 initiated by respondents 3 and 4 for recovery of loan amounts. 2. At the request of the parties, I referred the dispute between the parties for mediation to the Kerala Mediation Center. A Mediator designated by the Kerala Mediation Center has mediated the dispute and filed a report producing the settlement signed by all parties. The parties now seek disposal of the writ petition in terms of the settlement. The settlement reads as follows. “5. The respondent nos. 5 to 8 jointly and severally agreed to pay to respondent no. 3 the balance dues in the loan account No. 7000098 for and on behalf of the petitioners, after availing whatever concessions/waiver under One Time Settlement Scheme (One Time Settlement) of the 3rd respondent. In order to facilitate closure of the loan account in full, the 3rd respondent agrees to extend maximum concession/waiver in the loan dues, to the extent possible under the OTS scheme in force in the company. The loan account shall be settled on or before 17.12.2011. 6. In addition to the above payment of balance of loan dues, the respondents no. 5 to 8 (auction purchasers) jointly and severely agreed to pay to the petitioners a sum of Rs. 15.00 lakhs (Rupees fifteen lakhs only) on or before 17.11.2011. If under any circumstances the payment could not be effected on or before the said date, the auction purchasers agree to pay an addition sum of Rs. 5.00 lakhs (Rupees five lakhs only) as damage for delayed payment, over and above the amount of Rs. 15.00 lakhs and such total amount of Rs. 20.00 lakhs shall be paid to the petitioners on or before 17.12.2011. The said -: 2 :- payment shall be made by way of cash upon receipt to be issued by the petitioners jointly, which shall be made in the presence of counsels of all parties. 7. The settlement of the loan account and payment of the amount to the petitioners shall be done on the same date. The date on which the payment will be made shall be informed by the auction purchasers to the petitioners as well as respondent no. 3 well in advance, after arranging the funds required for making the payments. 8. Upon settlement of the balance dues in the loan account under OTS Scheme and upon receipt of Rs. 15.00 lakhs or 20.00 lakhs, as the case may be, on or before the stipulate date(s), the petitioners as well as the respondents no. 3 and 4 shall have no claim over the property already registered in the name of respondent nos. 5 to 8. 9. If the respondents no. 5 to 8 commit breach of any of the covenants agreed by them, the petitioners will be entitled to obtain an order quashing the auction sale conducted on 07.04.2007 and the sale deed, setting aside the sale and respondent nos. 5 to 8 shall have no objection for the same and thereafter respondent nos. 5 to 8 shall have no claim over the property. 10. The parties to be compromise shall have no further claims against each others on the subject matter of this settlement except to the extent stated above. 11. The parties have no objection in passing a judgment/order/decree in W.P(C) No. 19513/2007 incorporating the terms and conditions contained in this mediated settlement agreement.” In the above circumstances, this writ petition is disposed of in terms of the above settlement. Sd/- S. Siri Jagan, Judge. Tds/